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ECS1501 Assignment 8 2024
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ECS1501 Assignment 8 2024
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8/27/24, 11:34 AM Assessment 8: Attempt review24 ECS1501-24-Y Assessments Assessment 8
QUIZ
Started on Tuesday, 27 August
2024, 11:14 AM
State Finished
Completed on Tuesday, 27 August
2024, 11:34 AM
Time taken 19 mins 17 secs
Marks 10.00/11.00
Grade 90.91 out of 100.00
Question 1
Complete
Not graded
I con rm
that this assessment will be my own
individual work;
that I will not communicate with anyone
else in any way during the completion of
this assessment;
that I will not cheat in any way in
completing and submitting this
assessment.
I con rm.
I do not con rm.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21447519&cmid=869199 1/12
,8/27/24, 11:34 AM Assessment 8: Attempt review
Question 2
Complete
Mark 1.00 out of 1.00
A consumer is in equilibrium when
his or her average utility is at a
maximum.
his or her marginal utility is at a
maximum.
his or her weighted marginal utility
is at a maximum.
the marginal utilities per rand spent
are equal for all goods purchased.
A consumer is in equilibrium when the
marginal utilities per rand spent are equal
for all goods purchased. This means that
the consumer allocates their budget in a
manner where the additional satisfaction
gained from the last rand spent on each
good is equal. When the marginal utilities
per rand spent are equal, it implies that
the consumer cannot further increase
their overall satisfaction by reallocating
their spending between goods. Any
reallocation of spending from one good
to another would lead to a decrease in
the marginal utility per rand spent for the
goods involved, reducing overall
satisfaction.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21447519&cmid=869199 2/12
,8/27/24, 11:34 AM Assessment 8: Attempt review
Question 3
Complete
Mark 1.00 out of 1.00
A utility-maximising consumer will
choose to purchase another unit of a
good if
the opportunity cost of consuming
the good is constant.
the good has the highest weighted
marginal utility.
the good has the lowest weighted
marginal utility.
the marginal utility of the good is
falling.
Would you agree with the statement that
the average, normal man/woman in the
street just wants the best or maximum
value for their money? And he or she will
shop around until they are satis ed that
they have found that product at the
“right” price. If you are a rational
consumer, you will agree with the
statement, and if you do, the jump to “a
utility-maximising consumer will choose
to purchase another unit of a good if the
good has the highest weighted marginal
utility” is not that big. The highest
weighted marginal utility, that is the
marginal utility divided by the price, is
indeed where the consumer gets the
maximum value for his or her money.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21447519&cmid=869199 3/12
, 8/27/24, 11:34 AM Assessment 8: Attempt review
Question 4
Complete
Mark 1.00 out of 1.00
The total utility gained from consuming
additional units of a good will increase if
_____
the marginal utility is zero.
the marginal utility is positive.
the opportunity cost of consuming
rises.
expenditure on the good increases.
The total utility gained from consuming
additional units of a good will increase if
the marginal utility is positive.
To understand why the statement is
correct, it's important to consider the
relationship between marginal utility and
total utility.
Marginal utility refers to the additional
satisfaction or bene t derived from
consuming one additional unit of a good.
It represents the change in total utility
resulting from the consumption of an
extra unit. Total utility, on the other hand,
refers to the overall satisfaction or
bene t derived from consuming a certain
quantity of a good.
When the marginal utility of a good is
positive, it means that each additional
unit consumed provides additional
satisfaction or bene t to the consumer.
This implies that the consumer is gaining
more utility with each additional unit
consumed. As a result, the total utility
gained from consuming additional units
of the good increases.
For example, let's say a consumer is
eating slices of pizza. Initially, each slice
provides a high level of satisfaction,
resulting in a positive marginal utility. As
the consumer continues to eat more
slices, the marginal utility may start to
decrease due to the law of diminishing
marginal utility. However, as long as the
marginal utility remains positive,
consuming additional slices will still
increase the total utility.
If the marginal utility is zero, it means
that consuming an additional unit does
not provide any additional satisfaction or
bene t. In this case, the total utility will
remain the same as no additional utility
is gained.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21447519&cmid=869199 4/12
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