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ECS2601 ASSIGNMENT 2 SEMESTER 2 2024 A production function identifies all of the different combinations of inputs that can be used to produce one particular level of output. Select one: a. True b. False $4.63
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ECS2601 ASSIGNMENT 2 SEMESTER 2 2024 A production function identifies all of the different combinations of inputs that can be used to produce one particular level of output. Select one: a. True b. False
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Course
Intermediate Microeconomics (ECS2601)
Institution
University Of South Africa (Unisa)
ECS2601 ASSIGNMENT 2 SEMESTER 2 2024
A production function identifies all of the different combinations of inputs that can be used to produce one particular level of
output.
Select one:
a. True
b. False
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SOLUTION TO THE TASK CONSISTENT WITH THEORY. THIS ASSIGNMENT IS
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HOWEVER DO NOT CLAIM MONOPOLY TO KNOWLEDGE HENCE MODIFICATION OF
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CONTACT PASSMATE TUTORIALS.
Started on Friday, 30 August 2024, 2:31 PM
State Finished
Completed on Friday, 30 August 2024, 2:38 PM
Time taken 6 mins 24 secs
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
A production function identifies all of the different combinations of inputs that can be used to produce one particular level of
output.
Select one:
True
False
Question 2
Correct
Mark 1.00 out of 1.00
Imagine that there are only three consumers in a particular market for apples: Andrew, John and Michael. We are interested in
the demand for apples. The demand equations for the three consumers are as follows:
Andrew: Qd = 10 - 2P
John: Qd= 8 - P
Michael: Qd = 14 - 2P
If the price of apples is R3/kg, how much would the demand for the market as a whole be?
a. 27
b. 32
c. 17
d. 22
,Question 3
Correct
Mark 1.00 out of 1.00
Which of the following describes the Giffen good case? When the price of the good …
a. falls, the income effect is in the opposite direction to the substitution effect, and
consumption falls.
b. falls, the income effect is in the same direction as the substitution effect, and
consumption rises.
c.
falls, the income effect is in the opposite direction to the substitution effect, and
consumption rises.
d.
rises, the income effect is opposite to and greater than the substitution effect, and
consumption falls.
Question 4
Correct
Mark 1.00 out of 1.00
Engel curves always slope upwards.
Select one:
True
False
, Question 5
Correct
Mark 1.00 out of 1.00
If two perfect complements, a keyboard and a computer, are being considered and the price of the keyboard only is
increased, then the substitution effect of the price change will …
a.
be negative because keyboards are inferior goods.
b.
be 0 because it is impractical to have more keyboards and fewer computers.
c.
be negative because keyboards and computers are perfect substitutes.
d.
be positive because the consumer feels poorer.
Question 6
Correct
Mark 1.00 out of 1.00
Assume that juice is a normal good. If the price of juice rises, then the substitution effect results in the person buying … of
the good, and the income effect results in the person buying … of the good.
a. more, less
b. less, less
c. more, more
d. less, more
Question 7
Correct
Mark 1.00 out of 1.00
The marginal product of an input is the increase in the total output owing to the addition of the last unit of an input, holding all
other inputs constant.
Select one:
True
False
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