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ECS2601 ASSIGNMENT 4 S2 2023 solutions
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UNISA 2023 ECS2601-23-S2 Welcome Message Assessment 4QUIZ
Started on Thursday, 12 October 2023, 7:03 PM
State Finished
Completed on Thursday, 12 October 2023, 8:04 PM
Time taken 1 hour 1 min
Marks 28.00/30.00
Grade 93.33 out of 100.00
Question 1
Complete
Mark 2.00 out of 2.00
Which of the following statements about economies of scale is FALSE?
a. A firm’s long-rung marginal cost curve (LMC) will slope downwards, throughout the output range where it enjoys
economies of scale.
b. An industry may have a number of small firms where the economies of scale are exhausted at an output level that is
relatively low in comparison to the industry’s output level.
c. A firm may have economies of scale, even if it does not have increasing returns to scale.
d. A firm may have diseconomies of scale at a later stage even though it initially had economies of scale.
Question 2
Complete
Mark 0.00 out of 2.00
If the total cost is R750 and the average fixed cost is R15 when 30 units of output are produced, then the average variable
cost at that level of output is …
a. R15.
b. Impossible to determine.
c. R450.
d. R10.
,Question 3
Complete
Mark 2.00 out of 2.00
A price ceiling usually result in a deadweight loss.
Select one:
True
False
Question 4
Complete
Mark 2.00 out of 2.00
Implicit costs are the best alternative return of all of an agent’s input such as money or time.
Select one:
True
False
Question 5
Complete
Mark 2.00 out of 2.00
In a perfectly competitive industry, the amount of output that a firm decides to sell has no effect on the market price,
because…
a. the firm supplies a different good than its rivals.
b. the market price is determined through regulation, by the government.
c. the short-run market price is determined solely by the firm’s technology.
d. the firm’s output is a small fraction of the entire industry’s output.
, Question 6
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 quantity of books is …
a. 500 000 books
b. 1 000 books
c. 10 000 books
d. 1 book
Question 7
Complete
Mark 2.00 out of 2.00
Economic profit and producer surplus are similar since they both focus on the total cost.
Select one:
True
False
Question 8
Complete
Mark 2.00 out of 2.00
Import tariffs are better for the domestic economy as government revenue decreases deadweight loss.
Select one:
True
False
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