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ECS2601 ASSIGNMENT 2 SEMESTER 2 2024 (IF YOU DONT GET 100% CONTACT US FOR A REFUND) 100% GUARANTEED Which is true about the output values of a production function? a. They represent only the value added of the two inputs that are represented. b. T$2.92
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ECS2601 ASSIGNMENT 2 SEMESTER 2 2024 (IF YOU DONT GET 100% CONTACT US FOR A REFUND) 100% GUARANTEED Which is true about the output values of a production function? a. They represent only the value added of the two inputs that are represented. b. T
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Course
Intermediate Microeconomics (ECS2601)
Institution
University Of South Africa (Unisa)
Book
Study Guide for Microeconomics
ECS2601 ASSIGNMENT 2 SEMESTER 2 2024 (IF YOU DONT GET 100% CONTACT US FOR A REFUND)
100%
GUARANTEED
Which is true about the output values of a production function?
a. They represent only the value added of the two inputs that are represented.
b. They overlook the role of a variabl...
ECS2601 ASSESSMENT 3 SEMESTER 2 2024 BMZ Consider the following demand and supply functions: Demand: Qd = 440 - 40P, Supply: Qs = -120 + 40P. What is the equilibrium price and output? a. P = R3.3...
Started on Friday, 30 August 2024, 3:13 PM
State Finished
Completed on Friday, 30 August 2024, 3:21 PM
Time taken 8 mins 8 secs
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Which is true about the output values of a production function?
a. They represent only the value added of the two inputs that are represented.
b. They overlook the role of a variable input into production.
c. They overlook the role of fixed inputs into production.
d. They are conceptually flawed and of marginal use because they do not consider
raw materials as input.
Question 2
Correct
Mark 1.00 out of 1.00
The substitution effect of a price decrease for a good with a normal indifference curve pattern …
a. is always inversely related to the price change.
b. is sufficient information to plot an ordinary demand curve for the commodity being considered.
c. is measured by the horizontal distance between the original and the new indifference curves.
d. measures the change in consumption of the good that is due to the consumer’s feeling of being richer.
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