Exam (elaborations)
ECS2601 ASSIGNMENT 5 SEMESTER 2 2024 (+A SOLUTIONS)
- Institution
- University Of South Africa (Unisa)
ECS2601 ASSIGNMENT 5 SEMESTER 2 2024
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EXCELGATE INSTITUTE 0846244729 iexcelgate@gmail.comPU E
SHI
NG Y L E NC
OU TO THE GATE OF EXC EL
Education is the most powerful weapon which you can use to change the world
,EXCELGATE INSTITUTE 0846244729 iexcelgate@gmail.com
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Education is the most powerful weapon which you can use to change the world
,10/31/24, 7:05 AM Assessment 5 (page 1 of 8)
UNISA 2024 ECS2601-24-S2 Welcome Message Assessment 5
QUIZ
Question 1
Answer saved
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Which of the following statements is incorrect about a firm operating in a
perfectly competitive market?
a. The firm is a price taker.
b. The demand schedule is perfectly elastic.
c. There is no government intervention.
d. A price higher than the marginal cost is charged.
Clear my choice
Question 2
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Marked out of 3.00
A firm faces the following average revenue (demand) curve:
P = 120 – 0.02Q
where Q is weekly production and P is price, measured in cents per unit. The
firm’s cost function is given by C = 60Q + 25,000. Assume that the firm
maximizes profits.
What is the level of Profit?
a. 377 800 cents per week.
b. 20 000 cents per week.
c. 8 750 cents per week.
d. 25 000 cents per week.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23427602&cmid=990761 1/1
, 10/31/24, 7:05 AM Assessment 5 (page 2 of 8)
UNISA 2024 ECS2601-24-S2 Welcome Message Assessment 5
QUIZ
Question 3
Answer saved
Marked out of 2.00
If the gains to producers from monopoly power could be redistributed to
consumers, there will be no social cost of monopoly power or a deadweight
loss to society.
Select one:
True
False
Question 4
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The kinked demand curve model of oligopoly assumes that the elasticity of
demand …
a. is constant regardless of whether price increases or decreases.
b. is perfectly elastic if price increases and perfectly inelastic if price
decreases.
c. in response to a price increase is less elastic than the elasticity of
demand in response to a price decrease.
d. in response to a price increase is more elastic than the elasticity of
demand in response to a price decrease.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23427602&cmid=990761&page=1 1/1
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