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ECS2601 ASSIGNMENT 6 S2 2023 solutions
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ECS2601 ASSIGNMENT 6
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11/5/23, 7:54 PM Assessment 6: Attempt reviewUNISA 2023 ECS2601-23-S2 Welcome Message Assessment 6
QUIZ
Started on Sunday, 5 November 2023, 6:34 PM
State Finished
Completed on Sunday, 5 November 2023, 7:53 PM
Time taken 1 hour 18 mins
Marks 50.00/60.00
Grade 83.33 out of 100.00
Question 1
Complete
Mark 2.00 out of 2.00
A natural monopoly exists in an industry with constant returns to scale.
Select one:
True
False
Question 2
Complete
Mark 2.00 out of 2.00
Suppose that an industry is characterized as follows:
C = 100 + 2q2 each firm’s total cost function
MC = 4q firm’s marginal cost function
P = 90 – 2Q industry demand curve
MR = 90 – 4Q industry marginal revenue curve
If there is only one firm in the industry, find the monopoly level of profit.
a. R550
b. R406.25
c. R40.62
d. R55
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14439037&cmid=622838 1/18
,11/5/23, 7:54 PM Assessment 6: Attempt review
Question 3
Complete
Mark 0.00 out of 2.00
A subsidy always leads to a greater government cost than the gain in consumer
and producer surplus.
Select one:
True
False
Question 4
Complete
Mark 2.00 out of 2.00
A firm’s average fixed cost is R40 if it produces five units of output. If it
produces four units, its average fixed cost will be …
a. R50
b. R18
c. R10
d. R40
Question 5
Complete
Mark 2.00 out of 2.00
If the total cost is R750 and the average fixed cost is R15 when 30 units of
output are produced, then the average variable cost at that level of output is …
a. R450.
b. R10.
c. R15.
d. Impossible to determine.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14439037&cmid=622838 2/18
,11/5/23, 7:54 PM Assessment 6: Attempt review
Question 6
Complete
Mark 2.00 out of 2.00
Which one of the following is NOT an example of price discrimination?
a. The lower cost structure of South African Airlines, which allows it to
sell cheaper airline tickets.
b. Cheaper electricity during off-peak periods.
c. “Buy two, get one free” pizza promotions at Little Italy Pizzeria.
d. The local country club offering lower rates to beginners.
Question 7
Complete
Mark 0.00 out of 2.00
Given the previous unit sold, the monopolist earns less revenue from that unit
due to a reduced price.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14439037&cmid=622838 3/18
, 11/5/23, 7:54 PM Assessment 6: Attempt review
Question 8
Complete
Mark 2.00 out of 2.00
Read the following excerpt from news 24 Business and answer the question
that follow:
Oil powers announce surprise cuts of more than 1 million bpd
‘’Major oil powers led by Saudi Arabia announced a surprise production cut of
more than one million barrels per day on Sunday, calling it a "precautionary"
move aimed at stabilising the market.
The reductions, on top of a Russian decision to extend a cut of 500,000 barrels
per day, and despite US calls to increase production, risk stoking inflation and
pressure to raise interest rates.
Cuts by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman from May to the end
of the year will top one million barrels per day - the biggest reduction since the
OPEC+ cartel slashed two million barrels per day in October.’’
The major oil suppliers through the OPEC+ cartel is not affected by the output
strategy of the competitive suppliers of oil since the country members of
OPEC+ are dominant in nature.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14439037&cmid=622838 4/18
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