Exam (elaborations)
ECS2601 - ASSESSMENT 1 - QUESTIONS AND ANSWERS - SEMESTER 2 - 2024
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2024 – S1 – ECS2601 – ASSESSMENT 1 – Q&AAssessment 1
Started on Sunday, 10 March 2024,
State Finished
Completed on Sunday, 10 March 2024,
Time taken
Marks 19.00/20.00
Grade 95.00 out of 100.00
Question 1
A consumer considers two products. Product A, with a price of R5 and consumer's
marginal utility of 100 utils and Product B, with a price of R10 and consumer’s marginal
utility of 160 utils. Which of the following statements is TRUE regarding the products?
a.
The consumer would gain more utility from product A and B, by consuming less of
product A and more of product B.
b.
The consumer could only gain more utility from product A and B by consuming more of
both products.
c.
The consumer will maximise his/her utility by consuming from both product A and B.
d.
The consumer would gain more utility from product A and B, by consuming more of
product A and less of product B.
1
, 2024 – S1 – ECS2601 – ASSESSMENT 1 – Q&A
Question 2
Consider the following demand and supply functions:
Demand: Qd = 300 – 15P.
Supply: Qs = –150 + 60P.
What is the equilibrium price and output?
a.
P = R2 and Q = 540.
b.
P = R3.33 and Q = 200.
c.
P = R6 and Q = 210.
d.
P = R10 and Q = 150.
Question 3
On a graph of a preference pattern of food and housing, food is on the vertical axis. The
slope of the indifference curve at the relevant market basket is 3. If food is 4 times more
expensive than housing, the consumer is …
a.
consuming more of both goods than he can afford.
2
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