Started on Saturday, 6 September 2025, 9:23 AM
State Finished
Completed on Saturday, 6 September 2025, 9:54 AM
Time taken 30 mins 34 secs
Marks 42.00/45.00
Grade 9333 out of 100.00
Feedback
Excellent work! You seem to understand the content of Topics 12 and 13. Please read the feedback for
cach question carefully and ensure you agree with the explanations provided.
Note that
« youare allowed to submit two attempts for this assessment. If you take two attempts, the average mark
of the two will contribute towards your final credits.
« you must wait 24 hours before you can attempt the assessment again.
Question 1 1 confirm TUTORING FOR
Complete that this assessment will be my own individual work; FAC,MAC,ECS,STA,DSC,TAX, FIN
Not graded that I will not cheat in any way in completing and submitting this assessment. C|’\LIX'QM I, BNU,MNG,MNB,BSM,
whatsapp me on+27737560989
I confirm. EMAIL:
I do not confirm.
Question 2 A consumer is in equilibrium if his or her marginal utility is at a maximum.
Correct
Mark 1.00 out of True
1.00
False
A consumer is in equilibrium is not about having the highest marginal utility, but equal marginal utility per
rand across goods.
,Question 3 A consumer is in equilibrium if his or her total utility is at a maximum and the two equilibrium conditions
Correct are met.
Mark 1.00 out of
1.00 True
False
Equilibrium is achieved when the total utility is maximised subject to the budget constraint and equal
weighted marginal utilities.
Question 4 Utility is the degree of satisfaction that a consumer derives or is expected to derive from the consumption
Correct of a good or service (eg beef).
Mark 1.00 out of
1.00 True
False
This is the standard definition of utility in economics—it's the satisfaction or pleasure obtained from
consuming goods or services.
Question 5 It is possible to compare one consumer’s level of utility (or satisfaction) with that of another consumer.
Correct
Mark 1.00 out of True
1.00
False
It is impossible to compare one consumer’s level of utility (or satisfaction) with that of another because
utility is subjective and unique to each consumer.
,Question 6 Itis possible to compare the utility derived by two different consumers from the consumption ofa good (eg
Correct shoes).
Mark 1.00 out of
1.00 True
False
Utility is subjective and personal. We cannot make interpersonal comparisons of utility because individuals
experience satisfaction differently.
Question 7 Economists use scientific techniques to measure utility on an objective scale.
Correct
Mark 1.00 out of True
1.00
False
Utility is a subjective concept. Although some approaches (like cardinal utility) try to assign numerical
values, utility cannot truly be measured objectively.
Question 8 ‘Weighted marginal utility is the marginal utility per unit divided by the price of the specific product or
Correct service.
Mark 1.00 out of
1.00 True
False
This is the correct formula: MU/Price.
, Question 9 Equal weighted marginal utilities of three products A, B and C can also be written as: MUA + PA = MUB
Correct PB =MUC = PC.
Mark 1.00 out of
1.00 True
False
This is the correct mathematical expression for consumer equilibrium between three goods.
Question 10 What is meant by "utility" in cconomics?
Correct
Mark 1.00 out of The usefulness ofa product in production
1.00
The amount of satisfaction a consumer derives from a good or service
The market value of a good
The cost of producing a good
In economics, utility refers to the satisfaction or pleasure a consumer receives from consuming a good or
service.
Question 11 If total utility is increasing but marginal utility is decreasing, we can say
Correct
Mark 1.00 out of The consumer is fully satisfied
1.00
‘The consumer should stop consuming the good
Each additional unit gives some satisfaction, but less than the previous one
The demand curve is upward sloping
As long as total utility increases, marginal utility is still positive, even though it may be declining. This is
typical due to diminishing marginal utility.
State Finished
Completed on Saturday, 6 September 2025, 9:54 AM
Time taken 30 mins 34 secs
Marks 42.00/45.00
Grade 9333 out of 100.00
Feedback
Excellent work! You seem to understand the content of Topics 12 and 13. Please read the feedback for
cach question carefully and ensure you agree with the explanations provided.
Note that
« youare allowed to submit two attempts for this assessment. If you take two attempts, the average mark
of the two will contribute towards your final credits.
« you must wait 24 hours before you can attempt the assessment again.
Question 1 1 confirm TUTORING FOR
Complete that this assessment will be my own individual work; FAC,MAC,ECS,STA,DSC,TAX, FIN
Not graded that I will not cheat in any way in completing and submitting this assessment. C|’\LIX'QM I, BNU,MNG,MNB,BSM,
whatsapp me on+27737560989
I confirm. EMAIL:
I do not confirm.
Question 2 A consumer is in equilibrium if his or her marginal utility is at a maximum.
Correct
Mark 1.00 out of True
1.00
False
A consumer is in equilibrium is not about having the highest marginal utility, but equal marginal utility per
rand across goods.
,Question 3 A consumer is in equilibrium if his or her total utility is at a maximum and the two equilibrium conditions
Correct are met.
Mark 1.00 out of
1.00 True
False
Equilibrium is achieved when the total utility is maximised subject to the budget constraint and equal
weighted marginal utilities.
Question 4 Utility is the degree of satisfaction that a consumer derives or is expected to derive from the consumption
Correct of a good or service (eg beef).
Mark 1.00 out of
1.00 True
False
This is the standard definition of utility in economics—it's the satisfaction or pleasure obtained from
consuming goods or services.
Question 5 It is possible to compare one consumer’s level of utility (or satisfaction) with that of another consumer.
Correct
Mark 1.00 out of True
1.00
False
It is impossible to compare one consumer’s level of utility (or satisfaction) with that of another because
utility is subjective and unique to each consumer.
,Question 6 Itis possible to compare the utility derived by two different consumers from the consumption ofa good (eg
Correct shoes).
Mark 1.00 out of
1.00 True
False
Utility is subjective and personal. We cannot make interpersonal comparisons of utility because individuals
experience satisfaction differently.
Question 7 Economists use scientific techniques to measure utility on an objective scale.
Correct
Mark 1.00 out of True
1.00
False
Utility is a subjective concept. Although some approaches (like cardinal utility) try to assign numerical
values, utility cannot truly be measured objectively.
Question 8 ‘Weighted marginal utility is the marginal utility per unit divided by the price of the specific product or
Correct service.
Mark 1.00 out of
1.00 True
False
This is the correct formula: MU/Price.
, Question 9 Equal weighted marginal utilities of three products A, B and C can also be written as: MUA + PA = MUB
Correct PB =MUC = PC.
Mark 1.00 out of
1.00 True
False
This is the correct mathematical expression for consumer equilibrium between three goods.
Question 10 What is meant by "utility" in cconomics?
Correct
Mark 1.00 out of The usefulness ofa product in production
1.00
The amount of satisfaction a consumer derives from a good or service
The market value of a good
The cost of producing a good
In economics, utility refers to the satisfaction or pleasure a consumer receives from consuming a good or
service.
Question 11 If total utility is increasing but marginal utility is decreasing, we can say
Correct
Mark 1.00 out of The consumer is fully satisfied
1.00
‘The consumer should stop consuming the good
Each additional unit gives some satisfaction, but less than the previous one
The demand curve is upward sloping
As long as total utility increases, marginal utility is still positive, even though it may be declining. This is
typical due to diminishing marginal utility.
