Exam (elaborations)
ECS2601 Assignment 5 Sem 1 2024
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- University Of Cape Town (UCT)
ECS2601 Assignment 5 Sem 1 2024
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ECS2601ASSIGNMENT 5
2 0 2 4 - 2 0 3 5
SEMESTER 1
,1. UNISA
2. 2024
3. ECS2601-24-S1
4. Welcome Message
5. Assessment 5
QUIZ
Assessment 5
Open course index
Open block drawer
Back
Started on Saturday, 18 May 2024, 5:16 PM
State Finished
Completed on Saturday, 18 May 2024, 6:08 PM
Time taken 51 mins 8 secs
Marks 28.00/30.00
Grade 97.33 out of 100.00
Question 1
Complete
Mark 2.00 out of 2.00
The market supply curves and market
demand curves for books are given as
follows:
Supply curve: P = 0.000002Q Demand
curve: P = 11 – 0.00002Q
The short-run marginal cost curve: MC =
0.1 + 0.0009Q
The equilibrium price of books is …
a. R5
b. R100
c. R50
d. R1
, Question 2
Complete
Mark 0.00 out of 2.00
Suppose a pro�t-maximising perfect
competitor’s daily output level to make a
pro�t is 100 units per day. Which of the
following statements is FALSE?
a. The perfect competitor’s average
�xed cost (AFC) for each unit of
output will equal the gap between
its SAC and average variable cost
(AVC) curves at an output of 100
a day.
b. The perfect competitor’s total
cost (TC) will equal its AVC at an
output of 100 a day multiplied by
100.
c. The perfect competitor’s pro�t per
unit of output will equal the gap
between its average revenue (AR)
curve and its short-run average
cost (SAC) curve at an output of
100 a day.
d. The perfect competitor’s total
revenue (TR) will equal its AR at
an output of 100 a day multiplied
by 100.
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