Started on Wednesday, 13 March 2024, 7:03 PM
State Finished
Completed on Wednesday, 13 March 2024, 7:24 PM OSCAR THE TUTOR
Time taken 20 mins 38 secs 0737560989
Marks 19.00/20.00 FOR FAC,MAC,ECS,DSC,QMI,STA,BNU INV, FIN MNB, MNG
Grade 95.00 out of 100.00 tutoring
Question 1
A consumer considers two products. Product A, with a price of R5 and consumer's marginal utility of 100 utils and Product B, with a price of R10 and
Complete consumer’s marginal utility of 160 utils. Which of the following statements is TRUE regarding the products?
Mark 1.00 out
of 1.00
Flag
question a. The consumer will maximise his/her utility by consuming from both product A and B.
b.
The consumer would gain more utility from product A and B, by consuming more of product A and less of product B.
c. The consumer would gain more utility from product A and B, by consuming less of product A and more of product B.
d. The consumer could only gain more utility from product A and B by consuming more of both products.
Question 2
Complete
Mark 3.00 out
of 3.00
Flag
question
What is the marginal product and average product of labour when 4 labourers are employed?
a. 7 and 6.5
b. 4 and 6.5
c. 5 and 6.5
d. 0 and 3.8
Question 3
In the short run, the number of machines a firm uses is fixed at 100 but the firm can vary the number of workers it employs. The short run costs of producing
Complete 500 units of output will be …
Mark 1.00 out
of 1.00
Flag
question a.
Equal to the long run costs of producing 500 units of output.
b. Greater than the long run costs of producing 500 units of output.
c. Impossible to determine.
d. Less than the long run costs of producing 500 units of output.
Question 4 If pizza and hamburgers were substitutes, a decrease drop in the price of pizza would increase the demand for hamburgers.
Complete
Mark 1.00 out Select one:
of 1.00
True
Flag
question False
Question 5 Which of the following factors would NOT explain a price elasticity of demand of -0.12 for a consumer product?
, Complete
a. The availability of a limited number of substitutes.
Mark 1.00 out
of 1.00 b. The product is a normal good.
Flag
question
c. The product constitutes a small percentage of consumer expenditure.
d. The available substitutes will have higher prices.
Question 6
If food is on the vertical axis and housing is on the horizontal axis, a set of indifference curves that are quite steep with respect to the horizontal axis …
Complete
Mark 1.00 out
of 1.00
Flag a. say nothing relating to how the consumer feels about the two goods until a budget line is introduced
question
b. mean that the two goods are perfect substitutes.
c. reflect a preference pattern that generally values housing high, relative to food.
d. imply that food has a higher relative value compared to housing for the consumer.
Question 7
If the supply equation is given as Qs = -100 + 10P, the price elasticity of supply between R20 and R30, calculated using the arc elasticity of supply, is …
Complete
Mark 3.00 out
of 3.00
Flag a. 2.0.
question
b. 1.0.
c. 1.67.
d. 0.6.
Question 8
Suppose that supply is perfectly elastic and the demand curve is downward sloping. A quantity tax placed on consumers will …
Complete
Mark 0.00 out
of 1.00
Flag a.
Increase consumer surplus.
question
b. Decrease producer surplus.
c.
Decrease the price received by producers.
d. Decrease consumer surplus.
Question 9
Sue has R100 to spend on two goods, shoes and shirts. If the price of a pair of shoes is R20 per pair and the price of a shirt is R15 each, which one of the
Complete following combinations is unaffordable to Sue?
Mark 1.00 out
of 1.00
Flag
question a. 2 pairs of shoes and 4 shirts.
b. 0 pairs of shoes and 7 shirts.
c.
0 pairs of shoes and 0 shirts.
d. 5 pairs of shoes and 0 shirts.
Question 10
All points on or below a budget constraint …
Complete
Mark 1.00 out
of 1.00
Flag a. None of the options is correct.
question
b. represent market basket combinations that exhaust the income available.
c.
are attainable with the given income.
State Finished
Completed on Wednesday, 13 March 2024, 7:24 PM OSCAR THE TUTOR
Time taken 20 mins 38 secs 0737560989
Marks 19.00/20.00 FOR FAC,MAC,ECS,DSC,QMI,STA,BNU INV, FIN MNB, MNG
Grade 95.00 out of 100.00 tutoring
Question 1
A consumer considers two products. Product A, with a price of R5 and consumer's marginal utility of 100 utils and Product B, with a price of R10 and
Complete consumer’s marginal utility of 160 utils. Which of the following statements is TRUE regarding the products?
Mark 1.00 out
of 1.00
Flag
question a. The consumer will maximise his/her utility by consuming from both product A and B.
b.
The consumer would gain more utility from product A and B, by consuming more of product A and less of product B.
c. The consumer would gain more utility from product A and B, by consuming less of product A and more of product B.
d. The consumer could only gain more utility from product A and B by consuming more of both products.
Question 2
Complete
Mark 3.00 out
of 3.00
Flag
question
What is the marginal product and average product of labour when 4 labourers are employed?
a. 7 and 6.5
b. 4 and 6.5
c. 5 and 6.5
d. 0 and 3.8
Question 3
In the short run, the number of machines a firm uses is fixed at 100 but the firm can vary the number of workers it employs. The short run costs of producing
Complete 500 units of output will be …
Mark 1.00 out
of 1.00
Flag
question a.
Equal to the long run costs of producing 500 units of output.
b. Greater than the long run costs of producing 500 units of output.
c. Impossible to determine.
d. Less than the long run costs of producing 500 units of output.
Question 4 If pizza and hamburgers were substitutes, a decrease drop in the price of pizza would increase the demand for hamburgers.
Complete
Mark 1.00 out Select one:
of 1.00
True
Flag
question False
Question 5 Which of the following factors would NOT explain a price elasticity of demand of -0.12 for a consumer product?
, Complete
a. The availability of a limited number of substitutes.
Mark 1.00 out
of 1.00 b. The product is a normal good.
Flag
question
c. The product constitutes a small percentage of consumer expenditure.
d. The available substitutes will have higher prices.
Question 6
If food is on the vertical axis and housing is on the horizontal axis, a set of indifference curves that are quite steep with respect to the horizontal axis …
Complete
Mark 1.00 out
of 1.00
Flag a. say nothing relating to how the consumer feels about the two goods until a budget line is introduced
question
b. mean that the two goods are perfect substitutes.
c. reflect a preference pattern that generally values housing high, relative to food.
d. imply that food has a higher relative value compared to housing for the consumer.
Question 7
If the supply equation is given as Qs = -100 + 10P, the price elasticity of supply between R20 and R30, calculated using the arc elasticity of supply, is …
Complete
Mark 3.00 out
of 3.00
Flag a. 2.0.
question
b. 1.0.
c. 1.67.
d. 0.6.
Question 8
Suppose that supply is perfectly elastic and the demand curve is downward sloping. A quantity tax placed on consumers will …
Complete
Mark 0.00 out
of 1.00
Flag a.
Increase consumer surplus.
question
b. Decrease producer surplus.
c.
Decrease the price received by producers.
d. Decrease consumer surplus.
Question 9
Sue has R100 to spend on two goods, shoes and shirts. If the price of a pair of shoes is R20 per pair and the price of a shirt is R15 each, which one of the
Complete following combinations is unaffordable to Sue?
Mark 1.00 out
of 1.00
Flag
question a. 2 pairs of shoes and 4 shirts.
b. 0 pairs of shoes and 7 shirts.
c.
0 pairs of shoes and 0 shirts.
d. 5 pairs of shoes and 0 shirts.
Question 10
All points on or below a budget constraint …
Complete
Mark 1.00 out
of 1.00
Flag a. None of the options is correct.
question
b. represent market basket combinations that exhaust the income available.
c.
are attainable with the given income.
