QUIZ
Assessment 5
Started on Tuesday, 2 September 2025,
State Finished
Completed Thursday, 4 September 2025,
on
Time taken
Marks 44.00/45.00
Grade 97.78 out of 100.00
Feedback Excellent work! You seem to understand the content of Topics
12 and 13. Please read the feedback for each question
carefully and ensure you agree with the explanations provided.
Note that
• you are 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
I confirm
that this assessment will be my own individual work;
that I will not cheat in any way in completing and submitting this assessment.
o I confirm.
o I do not confirm.
Question 2
1
, To derive consumer equilibrium, both the prices of products as well as consumer
income should be considered.
o True
o False
Feedback
Income sets the budget constraint and prices affect MU per rand.
Question 3
The aim of the consumer is to maximise profit.
o True
o False
Feedback
Firms aim to maximise profit. Consumers aim to maximise utility (satisfaction).
Question 4
Utility is the degree of satisfaction that a consumer derives or is expected to derive
from the consumption of a good or service (eg beef).
o True
o False
Feedback
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.
o True
o False
Feedback
2
Assessment 5
Started on Tuesday, 2 September 2025,
State Finished
Completed Thursday, 4 September 2025,
on
Time taken
Marks 44.00/45.00
Grade 97.78 out of 100.00
Feedback Excellent work! You seem to understand the content of Topics
12 and 13. Please read the feedback for each question
carefully and ensure you agree with the explanations provided.
Note that
• you are 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
I confirm
that this assessment will be my own individual work;
that I will not cheat in any way in completing and submitting this assessment.
o I confirm.
o I do not confirm.
Question 2
1
, To derive consumer equilibrium, both the prices of products as well as consumer
income should be considered.
o True
o False
Feedback
Income sets the budget constraint and prices affect MU per rand.
Question 3
The aim of the consumer is to maximise profit.
o True
o False
Feedback
Firms aim to maximise profit. Consumers aim to maximise utility (satisfaction).
Question 4
Utility is the degree of satisfaction that a consumer derives or is expected to derive
from the consumption of a good or service (eg beef).
o True
o False
Feedback
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.
o True
o False
Feedback
2
