Exam (elaborations)
ECS2601 ASSIGNMENT 4
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ECS2601-23-S2 Welcome Message Assessment 4QUIZ
Started on Thursday, 5 October 2023, 12:53 PM
State Finished
Completed on Thursday, 5 October 2023, 1:19 PM
Time taken 25 mins 35 secs
Marks 30.00/30.00
Grade 100.00 out of 100.00
Question 1 Implicit costs are the best alternative return of all of an agent’s input such as money or time.
Complete
Mark 2.00 out of Select one:
2.00
True
False
Question 2 Suppose the supply curve for a good is completely inelastic. If the government imposed a price ceiling
Complete below the market-clearing level, a deadweight loss would result.
Mark 2.00 out of
2.00 Select one:
True
False
Question 3 If the total cost is R750 and the average fixed cost is R15 when 30 units of output are produced, then
Complete the average variable cost at that level of output is …
Mark 2.00 out of
2.00
a. R15.
b. R10.
c. R450.
d. Impossible to determine.
Question 4 Which of the following statements about a firm's average cost curves is FALSE?
Complete
Mark 2.00 out of a. If the price of a variable input increases in the short run, the SAC curve will shift upwards.
2.00
b. The SAC curve is always above the LAC curve.
c. If new firms enter its industry and there are, external diseconomies of scale the LAC curve will
shift upwards.
d. If the price of a fixed input increases in the short run, the SAC curve will remain the same.
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