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ECS2601 ASSESSMENT 4 SEMESTER 2 2023
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ECS2601 ASSESSMENT 4 SEMESTER 2 2023
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Summary Microeconomics
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ECS2601 BMZ ASSESSMENT 4 SEMESTER 2 2024 MASTER In a perfectly competitive industry, the amount of output that a rm decides to sell has no effect on the market price, because… a. the rm’s output...
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ECS3708 ASSESSMENT 2 SEMESTER 1 2024
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10/11/23, 10:56 AM Assessment 4: Attempt review 2023 ECS2601-23-S2 Welcome Message Assessment 4
QUIZ
Started on Monday, 9 October 2023, 6:56 PM
State Finished
Completed on Monday, 9 October 2023, 7:08 PM
Time taken 11 mins 41 secs
Marks 24.00/30.00
Grade 80.00 out of 100.00
Question 1
Complete
Mark 2.00 out of 2.00
A firm producing six units of output has an average
total cost of R200 and has to pay R300 to its fixed
factors of production. The average variable cost is …
a. R300.
b. R50.
c. R200.
d. R150.
Question 2
Complete
Mark 0.00 out of 2.00
Suppose the city decides to sell permits. What is the
maximum price the vendor would pay for a permit per
day?
a. R100,00
b. R75,00
c. None of the options are correct.
d. R50,00
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14068745&cmid=622835 1/5
, 10/11/23, 10:56 AM Assessment 4: Attempt review
Question 3
Complete
Mark 2.00 out of 2.00
Consider the equilibrium in the market for carrots
expressed as:
Qs=2P Qd=21-P. If P = R7 and Q = 14. What is the
consumer surplus?
a. 98
b. 49
c. 3.5
d. 7
Question 4
Complete
Mark 0.00 out of 2.00
A sales tax of R1 per unit of output is placed on a
particular firm whose product sells for R5 in a
competitive industry with many firms.
How will this tax affect the cost curves for the firm?
a. Marginal cost becomes MC + 1
b. all of the options are true.
c.
Average cost is now AC + 1.
d. Total cost becomes TC + q since the tax rate
is t = 1
Question 5
Complete
Mark 2.00 out of 2.00
Suppose the competitive market is currently in
equilibrium. If government imposes a price control, we
would expect the consumer surplus to __________ and
the producer surplus to __________.
a. fall; fall
b. fall; rise
c. rise; rise
d. rise; fall
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14068745&cmid=622835 2/5
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