Exam (elaborations)
ECS1501 - ASS8 - Q&A - S2 - 2023
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ECS1501 – ASS8 – Q&A – S2 - 2023Assessment 8
Started on Thursday, 12 October 2023,
State Finished
Completed on Thursday, 12 October 2023,
Time taken
Marks 12.00/12.00
Grade 100.00 out of 100.00
Question 1
I confirm
that this assessment will be my own individual work; that I will not communicate with
anyone else in any way during the completion of this assessment; that I will not
cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
Question 2
Which of the following is a synonym for the word utility?
- usage
- profits
- consumption
- satisfaction
Feedback
Utility is about the satisfaction the consumer gets from consuming a good and not
how often the good is consumed or how much it cost.
Question 3
Utility is best defined as
- usefulness of a good or service.
1
, ECS1501 – ASS8 – Q&A – S2 - 2023
- satisfaction obtained from consuming the good or service.
- the price a consumer is willing to pay for a good or service.
- the additional satisfaction derived from consuming a good or service.
Feedback
Utility is best defined as the satisfaction from consuming the good or service.
Question 4
Based on the following information on the marginal utility and price of ice
cream, chocolate, cool drink and bread:
The marginal utility of chocolate is 72 and the price is R3.
The marginal utility of ice cream is 100 and the price of ice cream is R5.
The marginal utility of cool drink is 120 and the price is R10.
The marginal utility of bread is 60 and the price is R12. 5
Which one has the highest weighted marginal utility
- bread
- chocolate
- cold drink
- ice cream
Feedback
The weighted marginal utility of a product is the marginal utility of the product divided
by the price of the product, that is
We have to find the product with the highest weighted marginal utility:
2
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