MICRO ECONOMICS
****
ECON 221
****
EXAM OPPORTUNITIES FROM
2010 – 2019
****
Page 1|1
, NORTH-WEST UNIVERSITY
YUNIBESITI YA BOKONE -BOPHIRIMA
NOORDWES-UNIVERSITEIT
VAALDRI EHOEKKAMPUS
MultikeusekaarteJ
Multi-choice cards:
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Benodigdhede vir hierdie vraestel/Requirements for this paper:
Nie-programmeerbare sakrekenaarl
Non-programmable calculator:
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Open book examination?
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Graphic paper:
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MODULEKODE/ ECON 221 . TYDSDUURI 3 uur/hour
MODULE CODE: DURATION:
MODULEBESKRYWING/ MIKRO·EKONOMIE MAKS/ 100
MODULE DESCRIPTION: MAX:
MICRO ECONOMICS
EKSAMINATORE(E)I DR. Q. MORRIS DATUMI 02/11/2010
EXAMINER(S): DATE:
MR. A. MELLET TYD/TIME: 14:00
MODERATOR: PROF. W. KRUGELL
Hierdie vraestel bestaan uit twee afdelings. Seide afdelings is verpligtend.
This paper consists of two sections. Both sections are compulsory.
AFDELING A I SECTION A: [50]
Vraag 1 / Question 1 (10)
Onderskei tussen die volgende terme / Distinguish between the following concepts:
a. Prysverbruik kromme en inkomeverbruik kromme
Price-consumption curve and income-consumption curve (2)
b. 'n 'Bandwagon' effek en 'n 'snob' effek
A 'Bandwagon' effect and a 'snob' effect (2)
c. Korttermyn en Langtermyn
Short-run and Long-run (2)
d. Marginale koers van substitusie (MRS) en marginale koers van tegniese substitusie (MRTS)
Marginal rate of substitution (MRS) and Marginal rate of technical substitution (MRTS) (2)
e. Eerste graad en tweede graad prys diskriminasie by onvolmaakte mededinging
First degree and second degree price discrimination at imperfect competition (2)
Vraag 2 / Question 2 (20)
a. Bespreek die drie aannames rakende verbruikersvoorkeure.
Discuss the three assumptions about consumer preferences. (3)
b. Bespreek die drie basiese aannames van 'n volmaakte mededingings mark.
Discuss the three basic assumptions of a perfect competitive market. (3)
c. Defineer 'n isokwant en bespreek die eienskappe van isokwante.
EGON 221 1/6
000339
, d. Tref kortliks 'n vergelyking tussen volmaakte mededinging, monopolie en oligopolie in terme van die
volgende: aantal ondernemers, aantal kopers, toetrede, tipe produk en pryse.
Make a comparison between perfect competition, monopoly and oligopoly in terms of the following:
number of firms, number of buyers, entrance to the market, type of product and price. (7)
Volmaakte
mededinging /
Competitive
Markets
Monopolie /
Monopoly
Oligopolie /
Oligopoly
e. Hoekom het 'n monopolis geen markaanbodkromme nie?
Why is there no market supply curve under conditions of monopoly? (2)
Vraag 3 / Question 3 (20)
a. Daar heers 'n droogte in Rusland wat 'n groot koring produsent in die wereld is. As Rusland geen
koring uitvoer vir 2010 nie, i1lustreer die impak wat dit op die Suid-Afrikaanse broodmark sal he deur
gebruik te maak van vraag en aanbodkurwes.
A drought exists in Russia as a big wheat producer in the world. If Russia does not export any wheat
in 2010, illustrate the impact it will have on the South African bread market by using demand and
suppy curves. (3)
b. Die regering kan inmeng deur gebruik te maak van minimum en maksimum pryse. IIlustreer die
impak van minimum lone in die arbeidsmark. Wat is die gevolg van die inmenging vir
werkverskaffing in SA? (4)
The government can intervene by means of minimum and maximum prices. Illustrate the impact of
minimum wages in the labour market. What is the result of this intervention for job creation in SA?
c. Deur gebruik te maak van 'n gepaste diagram, verduidelik waarom onverskilligheidskrommes mekaar
NIE kan sny NIE. (4)
Using an appropriate diagram, explain why indifference curves CANNOT cross.
d. Illustreer en bespreek die dooie gewig verlies van monopolistiese markkrag
Illustrate and discuss the deadweight loss of monopolistic market power (4)
e. Die onderstaande tabel toon die verskillende kapitaal en arbeid instette kombinasies wat 'n gegewe
produksievlak lewer.
The table shown below indicates the different capital and labour input combinations needed to
produce a given production level.
ECON 221 2/6
\/00340
, 75
90
105
115
75 I 90 105 I 115 120
1. Teken die isokwante waar die produksievlak 55, 75 en 90 is. (Arbeid op die x-as en Kapitaal op die
y-as) I Draw the isoquants where the production levels are 55, 75 and 90. (Labour on the x-axis and
Capital on the y-axis). (3)
2. Voltooi die volgende sin: Oor die korttermyn, sal ... beskou word as die veranderlike inset en ... as
die vaste inset I Complete the following sentence: Over the short-run ... is known as the variable
input and ... as the fixed input. (1)
3. Verteenwoordig die isokwante kaart (55, 75 en 90) die korttermyn of langtermyn? Motiveer I Does
the isoquant map (55, 75 and 90) represent the short-run or long-run? Motivate. (1)
AFDELING B I SECTION B: [50]
Vraag 4 I Question 4 (8)
Veronderstel 'n mededingende mark met die volgende vraag en aanbod hoeveelhede:
Suppose a competitive market and the following quantities demanded and supplied:
80 20 12
100 18 14
120 16 16
140 14 18
a. Bereken die pryselastisiteit van vraag by R100.
Calculate the price elasticity of demand at R100.
b. Bereken die pryselastisiteit van aanbod by R120.
Calculate the price elasticity of supply at R120.
c. Bereken die boog-elastisiteit van vraag tussen R80 en R140 I
Calculate the arc elasticity of demand between RBO and R140?
d. Wat is die ewewig prys en hoeveelheid?
What is the equilibrium price and quantity?
e. Veranderstel die regering stel 'n prysplafon van R100 in. Verduidelik die effek in die mark
Suppose the government set a price ceiling of R1 00. Explain the effect in the market.
f. Verduidelik waaram is die langtermyn aanbod elastisiteit vir verskeie produkte grater as die
korttermyn elastisiteit
Explain why for many goods the long-run price elasticity of supply is larger than the short-run
elasticity.
ECON 221 3/6
000341
****
ECON 221
****
EXAM OPPORTUNITIES FROM
2010 – 2019
****
Page 1|1
, NORTH-WEST UNIVERSITY
YUNIBESITI YA BOKONE -BOPHIRIMA
NOORDWES-UNIVERSITEIT
VAALDRI EHOEKKAMPUS
MultikeusekaarteJ
Multi-choice cards:
D
Benodigdhede vir hierdie vraestel/Requirements for this paper:
Nie-programmeerbare sakrekenaarl
Non-programmable calculator:
o Oopboek-eksamenl
Open book examination?
[NEEI
NO
I
Grafiekpapierl
Graphic paper:
D Draagbare Rekenaarl
Laptop:
D
EKSAMEN/TOETS Eksamenl KWALIFIKASIEI BCom. B.Se.
EXAM INATION/TEST: Examination QUALIFICATION:
MODULEKODE/ ECON 221 . TYDSDUURI 3 uur/hour
MODULE CODE: DURATION:
MODULEBESKRYWING/ MIKRO·EKONOMIE MAKS/ 100
MODULE DESCRIPTION: MAX:
MICRO ECONOMICS
EKSAMINATORE(E)I DR. Q. MORRIS DATUMI 02/11/2010
EXAMINER(S): DATE:
MR. A. MELLET TYD/TIME: 14:00
MODERATOR: PROF. W. KRUGELL
Hierdie vraestel bestaan uit twee afdelings. Seide afdelings is verpligtend.
This paper consists of two sections. Both sections are compulsory.
AFDELING A I SECTION A: [50]
Vraag 1 / Question 1 (10)
Onderskei tussen die volgende terme / Distinguish between the following concepts:
a. Prysverbruik kromme en inkomeverbruik kromme
Price-consumption curve and income-consumption curve (2)
b. 'n 'Bandwagon' effek en 'n 'snob' effek
A 'Bandwagon' effect and a 'snob' effect (2)
c. Korttermyn en Langtermyn
Short-run and Long-run (2)
d. Marginale koers van substitusie (MRS) en marginale koers van tegniese substitusie (MRTS)
Marginal rate of substitution (MRS) and Marginal rate of technical substitution (MRTS) (2)
e. Eerste graad en tweede graad prys diskriminasie by onvolmaakte mededinging
First degree and second degree price discrimination at imperfect competition (2)
Vraag 2 / Question 2 (20)
a. Bespreek die drie aannames rakende verbruikersvoorkeure.
Discuss the three assumptions about consumer preferences. (3)
b. Bespreek die drie basiese aannames van 'n volmaakte mededingings mark.
Discuss the three basic assumptions of a perfect competitive market. (3)
c. Defineer 'n isokwant en bespreek die eienskappe van isokwante.
EGON 221 1/6
000339
, d. Tref kortliks 'n vergelyking tussen volmaakte mededinging, monopolie en oligopolie in terme van die
volgende: aantal ondernemers, aantal kopers, toetrede, tipe produk en pryse.
Make a comparison between perfect competition, monopoly and oligopoly in terms of the following:
number of firms, number of buyers, entrance to the market, type of product and price. (7)
Volmaakte
mededinging /
Competitive
Markets
Monopolie /
Monopoly
Oligopolie /
Oligopoly
e. Hoekom het 'n monopolis geen markaanbodkromme nie?
Why is there no market supply curve under conditions of monopoly? (2)
Vraag 3 / Question 3 (20)
a. Daar heers 'n droogte in Rusland wat 'n groot koring produsent in die wereld is. As Rusland geen
koring uitvoer vir 2010 nie, i1lustreer die impak wat dit op die Suid-Afrikaanse broodmark sal he deur
gebruik te maak van vraag en aanbodkurwes.
A drought exists in Russia as a big wheat producer in the world. If Russia does not export any wheat
in 2010, illustrate the impact it will have on the South African bread market by using demand and
suppy curves. (3)
b. Die regering kan inmeng deur gebruik te maak van minimum en maksimum pryse. IIlustreer die
impak van minimum lone in die arbeidsmark. Wat is die gevolg van die inmenging vir
werkverskaffing in SA? (4)
The government can intervene by means of minimum and maximum prices. Illustrate the impact of
minimum wages in the labour market. What is the result of this intervention for job creation in SA?
c. Deur gebruik te maak van 'n gepaste diagram, verduidelik waarom onverskilligheidskrommes mekaar
NIE kan sny NIE. (4)
Using an appropriate diagram, explain why indifference curves CANNOT cross.
d. Illustreer en bespreek die dooie gewig verlies van monopolistiese markkrag
Illustrate and discuss the deadweight loss of monopolistic market power (4)
e. Die onderstaande tabel toon die verskillende kapitaal en arbeid instette kombinasies wat 'n gegewe
produksievlak lewer.
The table shown below indicates the different capital and labour input combinations needed to
produce a given production level.
ECON 221 2/6
\/00340
, 75
90
105
115
75 I 90 105 I 115 120
1. Teken die isokwante waar die produksievlak 55, 75 en 90 is. (Arbeid op die x-as en Kapitaal op die
y-as) I Draw the isoquants where the production levels are 55, 75 and 90. (Labour on the x-axis and
Capital on the y-axis). (3)
2. Voltooi die volgende sin: Oor die korttermyn, sal ... beskou word as die veranderlike inset en ... as
die vaste inset I Complete the following sentence: Over the short-run ... is known as the variable
input and ... as the fixed input. (1)
3. Verteenwoordig die isokwante kaart (55, 75 en 90) die korttermyn of langtermyn? Motiveer I Does
the isoquant map (55, 75 and 90) represent the short-run or long-run? Motivate. (1)
AFDELING B I SECTION B: [50]
Vraag 4 I Question 4 (8)
Veronderstel 'n mededingende mark met die volgende vraag en aanbod hoeveelhede:
Suppose a competitive market and the following quantities demanded and supplied:
80 20 12
100 18 14
120 16 16
140 14 18
a. Bereken die pryselastisiteit van vraag by R100.
Calculate the price elasticity of demand at R100.
b. Bereken die pryselastisiteit van aanbod by R120.
Calculate the price elasticity of supply at R120.
c. Bereken die boog-elastisiteit van vraag tussen R80 en R140 I
Calculate the arc elasticity of demand between RBO and R140?
d. Wat is die ewewig prys en hoeveelheid?
What is the equilibrium price and quantity?
e. Veranderstel die regering stel 'n prysplafon van R100 in. Verduidelik die effek in die mark
Suppose the government set a price ceiling of R1 00. Explain the effect in the market.
f. Verduidelik waaram is die langtermyn aanbod elastisiteit vir verskeie produkte grater as die
korttermyn elastisiteit
Explain why for many goods the long-run price elasticity of supply is larger than the short-run
elasticity.
ECON 221 3/6
000341
