Exam (elaborations)
DSC1520 Assignment 01 Semester 1 2023 Detailed Solutions
- Institution
- University Of South Africa (Unisa)
This document contains suggested solutions & detailed explanations. For assistance call or .
[Show more]
Content preview
Quantitative Modelling 1DSC1520
ASSIGNMENT 01 SEMESTER 01 2023
ASSIGNMENT 01 (compulsory)
20 MULTIPLE-CHOICE QUESTIONS
DUE DATE: 18 March 2023
UNIQUE NUMBER: 860365
QUESTION 1
Which of the given statement is true?
a. In business, the amount of money that represents the opportunities that might have
been missed in the process of delivering service is called cost.
b. Variable costs are expenses that have to be paid by a company, independent of any
business activity.
c. Profit is the surplus remains after total revenue have been deducted from total costs.
d. The term supply represents the quantity of a product that consumers would buy at a
certain price.
QUESTION 2
The surfing club provides swimming lessons to boost their funds. The club has fixed costs
of R345 per day, when offering these classes-mostly for insurance-and it costs them R65 for
each lesson given. How many lessons did they provide if total costs amounted to R3900?
a. 55
b. 253845
c. 11
d. 1345565
, TC =T FC + TVC
3 900 = 345 + (65*Q)
65Q = 3 900 – 345
Q = 3 555/65 = 54.69 = 55
QUESTION 3
A firm's fixed cost to produce cups amount to R1250 per week and it costs R12 to produce
each cup. These cups are sold for R55 each. What would be the firm's profit if they produce
and sell 150 cups?
a. R5 200
b. R30 50
c. R8 250
d. R11 300
Profit =TR – TC = 8 250 – 3 050 = 5 200
TR = Px Q = R55 x 150 = R8 250
TC = FC +VC = 1 250 + (12 * 55) = R3 050
QUESTION 4
The demand and supply functions for pans are
q=710−5,5p and p=3,5q+57,5,
respectively, with the price in rand and q the quantity in boxes. Find the point(s) where the
demand and supply function intersect.
a. (p;q)=(126;14,556)
b. (p;q)=(14,556;126)
c. (p;q)=(126;126)
d. (p;q)=(14,556;14,556)
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 EFT, 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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller knowledgehut. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. 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 summaries for 14 years now