This document serves as a guide to help reflect on my review of Assessment 4 for ECS2601. This is purely for reflection purposes and shows my decisions on the answers to the assessment as well as the marks I obtained for each answer.
Started on Tuesday, 23 May 2023, 12:48 PM
State Finished
Completed on Tuesday, 23 May 2023, 1:26 PM
Time taken 38 mins 9 secs
Marks 22.00/30.00
Grade 73.33 out of 100.00
Question 1
Complete
Mark 2.00 out of 2.00
Which of the following statements regarding a firm that is a price-taker is FALSE?
a. The firm would not sell anything if it sets its price higher than the market price.
b. The firm’s demand curve is downward sloping.
c. The firm will sell its product at the going market price.
d. The firm’s demand curve is horizontal but the market demand curve is downward sloping.
Question 2
Complete
Mark 2.00 out of 2.00
Suppose the city decides to regulate the market by issuing permits and the demand curve Q(d) = 4400 – 1200P is given. Suppose the city
issues only 20 permits and each vendor sells 100 hot dogs per day, what will be the price of a hot dog?
a. P = R 1,50
b. P = R 2,00
c. P = R 3,00
d. P = R 2,50
, Question 3
Complete
Mark 2.00 out of 2.00
MENU
Marginal revenue, shown graphically, is the …
Dashboard / My courses / ECS2601-23-S1 / Welcome Message / Assessment 4
a. vertical intercept of a line tangent to the total revenue curve at a given point.
b. slope of a line from the origin to the end of the total revenue curve.
c. slope of a line from the origin to a point on the total revenue curve.
d. slope of the total revenue curve at a given point.
Question 4
Complete
Mark 2.00 out of 2.00
Which of the following statements about the graphs of short-run cost curves is FALSE?
a. The SMC curve intersects the lowest point on the SAC curve.
b. The average fixed cost (AFC) at every level of output equals the gap between the short run average cost (SAC) and the average
variable cost (AVC) curves at that level of output.
c. The short-run marginal cost (SMC) curve lies above the marginal variable cost (MVC) curve.
d. The MVC curve intersects the lowest point on the AVC curve.
Question 5
Complete
Mark 0.00 out of 2.00
Which of the following statements about a firm's average cost curves is FALSE?
a. If the price of a variable input increases in the short run, the SAC curve will shift upwards.
b. If new firms enter its industry and there are, external diseconomies of scale the LAC curve will shift upwards.
c. The SAC curve is always above the LAC curve.
d. If the price of a fixed input increases in the short run, the SAC curve will remain the same.
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