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ECS2601 ASSESSMENT 5 sem 1 of 2024 EXPECTED QUESTIONS AND SOLUTIONS
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Started on Friday, 27 October 2023, 6:30 AMState Finished
Completed on Friday, 27 October 2023, 7:11 AM
Time taken 41 mins 16 secs
Marks 36.00/40.00
Grade 90.00 out of 100.00
Question 1
Complete
M ark 0.00 out of 2.00
Which of the following curves will coincide on the graph for a monopolist or monopolistic competitor?
a. Only the average revenue and marginal revenue curves will coincide.
b. Only the demand and marginal revenue curves will coincide.
c. The demand, average revenue and marginal revenue curves will coincide.
d. Only the demand and average revenue curves will coincide.
Question 2
Complete
M ark 2.00 out of 2.00
For a monopolist, the one-to-one correlation between the price and the seller’s quantity is non-existent, hence the absence of the market
supply curve.
Select one:
True
False
Question 3
Complete
M ark 2.00 out of 2.00
Which of the following statements is incorrect about a firm operating in a perfectly competitive market?
a. The demand schedule is perfectly elastic.
b. The firm is a price taker.
c. There is no government intervention.
d. A price higher than the marginal cost is charged.
,Question 4
Complete
M ark 3.00 out of 3.00
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. R550
b. R406.25
c. R40.62
d. R55
Question 5
Complete
M ark 2.00 out of 2.00
One who follows the Cournot duopoly strategy assumes that competing firms …
a. will collude informally rather than cut price.
b. treat each other’s price as fixed when making an output decision.
c. treat each other’s quantity as fixed when making an output decision.
d. will pick the strategy most damaging to each other.
Question 6
Complete
M ark 2.00 out of 2.00
What do the Cournot and Bertrand models have in common?
a. Both are oligopoly models in which firms produce a good that the consumer cannot easily substitute.
b. The two models have nothing in common.
c. None of the options are correct
d. In both models, each firm takes some aspect of its rivals behavior (either quantity or price) as fixed when making its own decision.
, Question 7
Complete
M ark 3.00 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 production?
a. 750
b. 1500
c. 6000
d. 3000
Question 8
Complete
M ark 2.00 out of 2.00
Assume the marginal cost of a firm to produce headphones is R50. If the consumer is willing to pay R80 for the headphones, this means the
reservation price of the consumer is
a. 50
b. 130
c. 30
d. 80
Question 9
Complete
M ark 2.00 out of 2.00
Which of the following statements about a monopolistic competitor is FALSE?
a. The demand curve of a monopolistic competitor and that of its competitors may all have different positions.
b. A monopolistic competitor will produce at an output level where its MR and SMC curves intersect, given that it would make either
a profit or a loss, which is less than its total fixed cost.
c. The monopolistic competitor’s supply curve is part of its marginal cost curve.
d. The demand curve of a monopolistic competitor is downward sloping.
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