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ECS2601 - ASSESSMENT 5 - EXPECTED QUESTIONS AND ANSWERS - 2024
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ECS2601 – ASSESSMENT 5 – EXPECTED QUESTIONS AND ANSWERS - 2024Assessment 5
Started on Wednesday, 25 October 2023,
State Finished
Completed on Wednesday, 25 October 2023,
Time taken
Marks 33.00/40.00
Grade 82.50 out of 100.00
Question 1
Which of the following is/are TRUE regarding the average revenue?
a.
All of the options are true.
b.
AR(Q) = P(Q)
c.
AR(Q) > MR(Q)
d.
AR(Q) = D
Question 2
An cement making monopolist with a marginal cost curve of MC=Q was originally
faced with a demand curve:
P=20-2Q.
However, due to an increase in demand for housing, demand shifted to:
P=35-2Q.
Calculate the change in price and quantity due to this shift in demand.
a.
An increase in P = 9, and increase in Q = 3.
1
, ECS2601 – ASSESSMENT 5 – EXPECTED QUESTIONS AND ANSWERS - 2024
b.
Impossible to determine with the given information.
c.
An increase in P = 12, and increase in Q = 4.
d.
An increase in P = 21, and increase in Q = 7
Question 3
Which of the following curves will coincide on the graph for a monopolist or
monopolistic competitor?
a.
The demand, average revenue and marginal revenue curves will coincide.
b.
Only the demand and marginal revenue curves will coincide.
c.
Only the average revenue and marginal revenue curves will coincide.
d.
Only the demand and average revenue curves will coincide.
Question 4
A monopolist engages in perfect price discrimination …
a.
the demand curve and the marginal revenue curve are identical.
b.
marginal cost becomes zero.
c.
the marginal revenue curve becomes horizontal.
d.
the marginal revenue curve lies below the demand curve.
2
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