Exam (elaborations)
ECS2601 - ASSESSMENT 4 - QUESTIONS AND ANSWERS - SEMESTER 2 - 2024
- Course
- Institution
All assessments in this document scored distinctions. Using it correctly guarantees distinction.
[Show more]
Seller
Follow
sotholesothole0
Reviews received
Content preview
2024 – S1 – ECS2601 – ASSESSEMENT 4 – Q&AAssessment 4
Started on Wednesday, 24 April 2024,
State Finished
Completed on Wednesday, 24 April 2024,
Time taken 1 hour 16 mins
Marks 30.00/30.00
Grade 100.00 out of 100.00
Question 1
A firm producing seven units of output has an average total cost of R150 and has to
pay R350 to its fixed factors of production. The average variable cost is …
a.
R100.
b.
R300.
c.
R50.
d.
R200.
Feedback
The correct answer is:
R100.
Question 2
James knows the average total cost and the average variable cost for a given level
of output. Which of the following costs can he not determine given this information?
a.
average fixed cost
b.
James can determine all of the above costs given the information provided.
1
, 2024 – S1 – ECS2601 – ASSESSEMENT 4 – Q&A
c.
fixed cost
d.
total cost
Feedback
The correct answer is:
James can determine all of the above costs given the information provided.
Question 3
The market supply curves and market demand curves for books are given as follows:
Supply curve: P = 0.000002Q Demand curve: P = 11 – 0.00002Q
The short-run marginal cost curve: MC = 0.1 + 0.0009Q
The equilibrium price of books is …
a.
R1
b.
R100
c.
R5
d.
R50
Feedback
The correct answer is:
R1
Question 4
In a perfectly competitive industry, the amount of output that a firm decides to sell
has no effect on the market price, because…
a.
2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller sotholesothole0. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.30. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now