Exam (elaborations)
Ecs1501 Assignment 8 Semester 2 2023
- Institution
- University Of South Africa (Unisa)
The document contains Assignment question Together with answers Distinction Guaranteed 100% multiple Attempts done Whtsapp
[Show more]
Content preview
10/11/23, 8:35 PM Assessment 8: Attempt reviewUNISA 2023 ECS1501-23-S2 Assessments Assessment 8
QUIZ
Started on Wednesday, 11 October 2023, 8:20 PM
State Finished
Completed on Wednesday, 11 October 2023, 8:40 PM
Time taken 30 mins 12 secs
Marks 11.33/12.00
Grade 98.11 out of 100.00
Question 1
Complete
Not graded
I con rm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this
assessment;
that I will not cheat in any way in completing and submitting this assessment.
I con rm.
I do not con rm.
Question 2
Complete
Mark 1.00 out of 1.00
Utility is best de ned as
the price a consumer is willing to pay for a good or service.
satisfaction obtained from consuming the good or service.
the additional satisfaction derived from consuming a good or service.
usefulness of a good or service.
Utility is best de ned as the satisfaction from consuming the good or service.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14117331&cmid=622809 1/9
, 10/11/23, 8:35 PM Assessment 8: Attempt review
Question 3
Complete
Mark 1.00 out of 1.00
What does an economist understand by the term “utility”?
how often we consume a good
how much satisfaction a consumer gets from the substitution of one good for
another
how much satisfaction or bene t we get from consuming a good
how much it costs to buy a good
In economics, utility refers to the subjective measure of satisfaction or bene t that
individuals derive from consuming goods and services. It is a concept used to
understand and analyse consumer behaviour and choices. Utility is about the
satisfaction the consumer gets from consuming a good and not how often the good
is consumed or how much it cost.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14117331&cmid=622809 2/9
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 SmartTutors. 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)
50843 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now