Exam (elaborations)
ECS1501 Assignment 8 2024 Semester 2
- Institution
- University Of South Africa (Unisa)
ECS1501 Assignment 8 2024 Semester 2
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By: thanella23 • 3 months ago
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2024 ECS1501-24-Y Assessments Assessment 8Started on Wednesday, 28 August
2024, 7:51 AM
State Finished
Completed on Wednesday, 28 August
2024, 8:13 AM
Time taken 29 mins 17 secs
Marks 10.00/11.00
Grade 93.41 out of 100.00
Question 2
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answered Which one of the following is a feature of utility?
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The utility a consumer gains from consuming a product is determined objectively.
Utility always rises at a constant rate.
Utility is a measure of satisfaction gained from producing a good.
When consuming the same good, utility varies across individuals.
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Question 3
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answered What does an economist understand by the term “utility”?
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how much it costs to buy a good
how often we consume a good
how much satisfaction a consumer gets from the substitution of one good for another
how much satisfaction or benefit we get from consuming a good
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,Question 4
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answered Based on the following information on the marginal utility and price of ice cream, chocolate, cool drink and bread:
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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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Question 5
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answered Marginal utility is _____
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the sum of all the total utilities.
when the consumer’s total utility increases at a decreasing rate.
the extra utility that a consumer derives from consuming an additional unit of a good.
the point where total utility eventually declines.
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,Question 6
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answered If Zurika's marginal utility for a loaf of bread is 10 and for 500g of cheese is 30, her
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total utility would be maximised if the price of 500g cheese is one-third the price of a loaf of bread.
total utility would be maximised if the price of 500g cheese is triple the price of a loaf of bread.
total utility could be increased by buying more cheese and less bread.
total utility could be increased by buying more bread and less cheese.
Clear my choice
Question 7
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answered The relationship between total utility and marginal utility is as follows:
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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.
As total utility starts to decline, marginal utility becomes positive.
As total utility increases at a decreasing rate, marginal utility increases.
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, Question 8
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answered If a consumer allocates her income between two goods, x and y, then she will be in equilibrium when
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MUx = MUy and she has spent all of her income.
MUx/Px = MUy/Py and all of her income is spent.
MUx/Px = MUy/Py and she is below her budget constraint.
MUx/MUy > Px/Py and all of her income is spent.
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Question 9
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answered Given the prices of goods and services, which of the following indicates consumer equilibrium?
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The consumer spends his or her income in such a way that the weighted marginal utility (marginal utility per rand) is at its lowest.
The consumer spends his or her income in such a way that the weighted marginal utility (marginal utility per rand) is the same for the goods.
The consumer spends his or her income in such a way that he or she attains the lowest possible total utility.
The consumer spends his or her income in such a way that he or she attains the highest possible marginal utility.
Clear my choice
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