This document serves as a guide to help reflect on my review of Assessment 3 for ECS2601. This is purely for reflection purposes and shows my decisions on the answers to the assessment as well as the marks I obtained for each answer.
Started on Monday, 8 May 2023, 6:35 PM
State Finished
Completed on Monday, 8 May 2023, 7:54 PM
Time taken 1 hour 19 mins
Marks 20.00/30.00
Grade 66.67 out of 100.00
Question 1
Complete
Mark 0.00 out of 1.00
Zara knows the average total cost and the average variable cost for a given level of
output. Which of the following costs can she not determine given this information?
a. total cost
b. average fixed cost
c. Zara can determine all of the above costs given the information provided.
d. fixed cost
Question 2
Complete
Mark 1.00 out of 1.00
Tim receives the following marginal utilities from his first five classes of the semester: 100, 80, 60, 40, and 30. What is the total utility of his
three favourite classes?
a. 240
b.
200
c. 60
d. 80
, Question 3
Complete
Mark 0.00 out of 1.00
MENU
Consider two goods, X and Y. The price of product X increases from R100 to R120 per unit. As a result, the quantity demanded of product Y
Dashboard / My courses / ECS2601-23-S1 / Welcome Message / Assessment 3
decreases from 1000 to 800 units.
Calculate the cross-price elasticity of demand, using the arc elasticity formula, given the information above.
a. -1.22
b. -0.0002
c. -0.81
d. -1
Question 4
Complete
Mark 1.00 out of 1.00
Suppose the price of flour, an ingredient used to make bread, increases. Which of the following is true regarding the price and the quantity
supply of bread.
a.
There will be an increase in the price of bread and a decrease in the quantity supplied.
b. There will be no effect on the price of bread and quantity supplied.
c.
There will be an increase in the price of bread and no change in the quantity supplied.
d. There will be an increase in the price of bread and an increase in the quantity supplied.
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