Started on Wednesday, 12 April 2023, 5:48 PM
State Finished
Completed on Sunday, 16 April 2023, 2:55 PM
Time taken 3 days 21 hours
Marks 15.00/20.00
Grade 75.00 out of 100.00
Question 1
Complete
Which of the following is true concerning the substitution effect of a decrease in price?
Mark 0.00 out of
1.00
a. It will lead to an increase in consumption only for a normal good.
b. It will lead to an increase in consumption only for an inferior good.
c. It will lead to an increase in consumption only for a Giffen good.
d. It will always lead to an increase in consumption.
,Question 2
Complete
Which of the following best explains why we cannot consider the returns to scale of a production function in the short run?
Mark 1.00 out of
1.00
Dashboard Calendar
a. Returns to scale determine the diminishing marginal returns of the inputs.
Dashboard / Courses / UNISA / 2023
b. Returns / Semester
to scale 1 / ECS2601-23-S1
is a property / Welcome
of the consumerʹs Message
utility function in the/ short
Assessment
run. 2
c. Production functions exhibit negative returns to scale in the short run.
d. We cannot change all of the production inputs in the short run.
Question 3
Complete
Which of the following is a true statement?
Mark 1.00 out of
1.00
a. Decreasing returns to scale and diminishing returns to production are two ways of stating the same thing.
b. None of the options are correct.
c. Constant returns to scale is a short-run concept and decreasing returns to scale is a long-run concept.
d. Increasing returns to scale is a short-term concept and diminishing returns to production is a long-run concept.
,Question 4
Complete
Mark 1.00 out of Suppose you are in charge of a toll bridge that costs essentially nothing to operate. The demand for bridge crossings Q is
1.00 given by P = 15 - 0.5Q.
Dashboard Calendar
If you were to draw a graph what will the y and x intercepts be.
Mark 0.00 out of A price consumption curve plots the quantity of the good on the horizontal axis and its price on the vertical axis.
1.00
Dashboard Calendar
Select one:
Dashboard / Courses / True
UNISA / 2023 / Semester 1 / ECS2601-23-S1 / Welcome Message / Assessment 2
False
Question 6
Complete
The substitution effect of a price decrease for a good with a normal indifference curve pattern …
Mark 1.00 out of
1.00
a. is sufficient information to plot an ordinary demand curve for the commodity being considered.
b. is measured by the horizontal distance between the original and the new indifference curves.
c. is always inversely related to the price change.
d. measures the change in consumption of the good that is due to the consumer’s feeling of being richer.
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 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 CHUKUTUTORS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £2.25. You're not tied to anything after your purchase.
