Exam (elaborations)
Ecs1501 Assignment 8 Semester 2 2023
- Institution
- University Of South Africa (Unisa)
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5/16/23, 1:14 AM Assessment 8 (page 2 of 7)MENU
Dashboard / My courses / ECS1501-23-S1 / Assessments / Assessment 8
Question 2
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Which of the following is a synonym for the word utility?
profits
consumption
usage
satisfaction
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Question 3
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What does an economist understand by the term “utility”?
how much it costs to buy a good
how often we consume a good
how much satisfaction or benefit we get from consuming a good
how much satisfaction a consumer gets from the substitution of one good for another
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Assessment 9 ►
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,5/16/23, 1:16 AM Assessment 8 (page 3 of 7)
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Question 4
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The relationship between total utility and marginal utility is as follows:
As total utility increases at a decreasing rate, marginal utility increases.
As total utility starts to decline, marginal utility becomes positive.
As total utility increases at a decreasing rate, marginal utility decreases.
When total utility is at a maximum point, marginal utility is at its maximum.
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Question 5
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Which of the following examples illustrates the law of diminishing marginal utility?
I do not eat bananas, as they make me nauseous.
After I had drunk a Coca-Cola, I bought another, but it was not as good as the first.
A mother loves all her children equally.
The more Will Smith movies I watch, the more I like them.
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Assessment 9 ►
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,5/16/23, 1:18 AM Assessment 8 (page 4 of 7)
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Question 6
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The total utility gained from consuming additional units of a good will increase if _____
expenditure on the good increases.
the marginal utility is positive.
the opportunity cost of consuming rises.
the marginal utility is zero.
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Question 7
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Based on the following information on the marginal utility and price of ice cream, chocolate, cool drink and bread:
The marginal utility of chocolate is 72 and the price is R3.
The marginal utility of ice cream is 100 and the price of ice cream is R5.
The marginal utility of cool drink is 120 and the price is R10.
The marginal utility of bread is 60 and the price is R12. 5
Which one has the highest weighted marginal utility
chocolate
bread
ice cream
cold drink
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, 5/16/23, 1:18 AM Assessment 8 (page 4 of 7)
Assessment 9 ►
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https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=10664267&cmid=604695&page=3 2/2
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