Exam (elaborations)
ECS2601 - ASSESSMENT 3 - QUESTIONS AND ANSWERS - SEMESTER 2 - 2024
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2024 – S1 – ECS2601 – ASSESSMENT 3 – Q&AAssessment 3
Started on Thursday, 11 April 2024,
State Finished
Completed on Thursday, 11 April 2024,
Time taken 27 mins 25 secs
Marks 30.00/30.00
Grade 100.00 out of 100.00
Question 1
Suppose the supply for wheat is perfectly inelastic and demand is downward sloping,
what will the price controls through setting a price floor affect the market for wheat.
a.
Quantity supplied will be greater than quantity demanded and a shortage will result.
b.
Quantity supplied will be smaller than quantity demanded and a surplus will result.
c.
Quantity supplied will not be affected and a surplus will result.
d.
Quantity supplied will not be affected and a shortage will result.
Feedback
The correct answer is:
Quantity supplied will not be affected and a surplus will result.
Question 2
The income effect is the change in the quantity demanded of the good due to the
change in purchasing power brought about by the change in the good’s price.
Select one:
True
False
1
, 2024 – S1 – ECS2601 – ASSESSMENT 3 – Q&A
Feedback
The correct answer is 'True'.
Question 3
Emma expresses grief that she receives less additional utility from each additional
Apple MacBook (laptop). Being an economist, she estimates that the total utility she
receives from one, two, and three MacBooks are 15 000, 27 000, and 36 000,
respectively. If the price of a MacBook is R15 000, then what is the marginal utility
for every rand spent on the second MacBook?
a.
0.8
b.
12 000
c.
27 000
d.
1.8
Feedback
The correct answer is:
12 000
Question 4
Zara knows the average total cost and the average variable cost for a given level of
output. Which of the following costs can she not determine given this information?
a.
total cost
b.
average fixed cost
c.
2
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