Exam (elaborations)

ECS2601 ASSESSMENT 5 SEMESTER 1 2024 SEARCHABLE A tuckshop near Unisa offers lunch specials to first-year students. If students showed their ID cards, they would receive 10% off the cost of their lunch. This practice is anexample of Suppose that an indu

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Institution
University Of South Africa (Unisa)

Book
Microeconomics

ECS2601 ASSESSMENT 5 SEMESTER 1 2024 SEARCHABLE A tuckshop near Unisa offers lunch specials to first-year students. If students showed their ID cards, they would receive 10% off the cost of their lunch. This practice is anexample of Suppose that an industry is characterized as follows: C = 1...

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Uploaded on May 20, 2024
Number of pages 30
Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

ecs2601 assessment 5 semester 1 2024 searchable

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Question 1
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Suppose that an industry is characterized as follows:
C = 100 + 2q2 each firm’s total cost function
MC = 4q firm’s marginal cost function
P = 90 – 2Q industry demand curve
MR = 90 – 4Q industry marginal revenue curve
If there is only one firm in the industry, find the monopoly level of profit.
a. R406.25
b. R40.62
c. R55
d. R550
Clear my choice

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A tuckshop near Unisa offers lunch specials to first-year students. If students showed
their ID cards, they would receive 10% off the cost of their lunch. This practice is
anexample of
a. price discrimination
b. collusion
c. a two-part tariff
d. bundling

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When MR > MC, this mean a monopolist is facing reduced profits and should produce
less.

Select one:
True
False

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A perfect price-discrimination monopolist will …
a. All of the options are correct.
b. leave no consumer surplus for his/her customer.
c. produce where MC=MR.
d. produce the amount that is larger than a non-price discriminator.

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A weakness of the Stackelberg model is that …
a. both firms behave strategically.
b. there are no assumptions about how the firms will react to each other.
c. both firms behave naively rather than strategically.
d. one firm behaves strategically while the other behaves naively.
Clear my choice

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Price discrimination requires the ability to sort customers and the ability to prevent
arbitrage.
Select one:
True
False

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Duopoly is a special case of which type of market structure
a. Monopoly.

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Exam (elaborations)

ECS2601 ASSESSMENT 5 SEMESTER 1 2024 SEARCHABLE A tuckshop near Unisa offers lunch specials to first-year students. If students showed their ID cards, they would receive 10% off the cost of their lunch. This practice is anexample of Suppose that an indu

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