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ECS2601 ASSIGNMENT 4 SEMESTER 2 2024 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 R50,00
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ECS2601 ASSIGNMENT 4 SEMESTER 2 2024 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
ECS2601 ASSIGNMENT 4 SEMESTER 2 2024
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. R50
b. R5
c. R1
...
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Education is the most powerful weapon which you can use to change the world
Suppose the supply curve for a good is completely inelastic. If the government imposed a price ceiling below the market-
clearing level, a deadweight loss would result.
Select one:
True
False
Question 2
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There can be constant returns to scale in an industry with an upward-sloping supply
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. R50
b. R5
c. R1
d. R100
Clear my choice
Question 4
Answer saved
Marked out of 2.00
James knows the average total cost and the average variable cost for a given level of output. Which of the following costs
can he not determine given this information?
a. fixed cost
b. total cost
c. James can determine all of the above costs given the information provided.
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