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ASSIGNMENT 1
FIRST SEMSTER 2023
BY: MTHOMBENI: 0767297208
1
,WORKINGS START FROM PAGE 12
QUESTION 1
Which of the given statement is true?
a.In business, the amount of money that represents the opportunities that might have been missed in
the process of delivering service is called cost.
b.Variable costs are expenses that have to be paid by a company, independent of any business activity.
c.Profit is the surplus remains after total revenue have been deducted from total costs.
d.The term supply represents the quantity of a product that consumers would buy at a certain price.
QUESTION 2
The surfing club provides swimming lessons to boost their funds. The club has fixed costs of R345 per
day, when offering these classes-mostly for insurance-and it costs them R65 for each lesson given.
How many lessons did they provide if total costs amounted to R3900 ?
a.55
b.253845
c.11
d.1345565
2
, QUESTION 3
A firm's fixed cost to produce cups amount to R1250 per week and it costs R12 to produce each cup.
These cups are sold for R55 each. What would be the firm's profit if they produce and sell 150 cups?
a.R5200
b.3050
c.8250
d.11300
QUESTION 4
The demand and supply functions for pans are
q=710−5,5p and p=3,5q+57,5,
respectively, with the price in rand and q the quantity in boxes. Find the point(s) where the demand
and supply function intersect.
a.(p;q)=(126;14,556)
b.(p;q)=(14,556;126)
c.(p;q)=(126;126)
d.(p;q)=(14,556;14,556)
3
ASSIGNMENT 1
FIRST SEMSTER 2023
BY: MTHOMBENI: 0767297208
1
,WORKINGS START FROM PAGE 12
QUESTION 1
Which of the given statement is true?
a.In business, the amount of money that represents the opportunities that might have been missed in
the process of delivering service is called cost.
b.Variable costs are expenses that have to be paid by a company, independent of any business activity.
c.Profit is the surplus remains after total revenue have been deducted from total costs.
d.The term supply represents the quantity of a product that consumers would buy at a certain price.
QUESTION 2
The surfing club provides swimming lessons to boost their funds. The club has fixed costs of R345 per
day, when offering these classes-mostly for insurance-and it costs them R65 for each lesson given.
How many lessons did they provide if total costs amounted to R3900 ?
a.55
b.253845
c.11
d.1345565
2
, QUESTION 3
A firm's fixed cost to produce cups amount to R1250 per week and it costs R12 to produce each cup.
These cups are sold for R55 each. What would be the firm's profit if they produce and sell 150 cups?
a.R5200
b.3050
c.8250
d.11300
QUESTION 4
The demand and supply functions for pans are
q=710−5,5p and p=3,5q+57,5,
respectively, with the price in rand and q the quantity in boxes. Find the point(s) where the demand
and supply function intersect.
a.(p;q)=(126;14,556)
b.(p;q)=(14,556;126)
c.(p;q)=(126;126)
d.(p;q)=(14,556;14,556)
3
