Question 1 Not yet answered Marked out of 5.00 Flag question Question text 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
Answer saved Marked out of 5.00 Flag question Question text Nhlakanipho designs and
manufactures ladies jeans. The demand and Supply functions for jeans are pd=500−2qd and
ps=−30+8qs, respectively. Find the excess of jeans demanded if the price per jean is set to R250 .
a. 90 b. 125 c. 47 d. 35 Question 3 Answer saved Marked out of 5.00 Flag question Question text
The demand and supply functions for two complementry products, cups (X) and plates (Y), are
given as: qdX=246−9pX+3pY ; qsX=−15+45pX and qdY=275+6pX−12pY ; qsY=−18+96pY.
Determine the equilibrium quantities supplied and prices for cups and plates. a.
pY=3;pX=103;qY=270;qX=4620 b. pY=103;pX=3;qY=270;qX=4620 c.
pY=3;pX=3;qY=270;qX=4620 d. pY=103;pX=103;qY=270;qX=4620 Question 4 Answer saved
Marked out of 5.00 Flag question Question text A new model of laptop is gradually replacing an
earlier model. The projected sales (in thousands) for the old and new model are given by
Sold=16t+4 and Snew=3621−t. Find the time t for which the two models yield the same sales
and determine the value of the sales. a. t=48/13 and S=R2,080 b. t=1 and S=4000 c. t=28/13 and
S=R4278 d. t=43/18 and S=R2000 Question 5 Answer saved Marked out of 5.00 Flag question
Question text A tuck shop at the station has fixed costs of R900 per week. They sell pies at a fixed
price of R23,00 each, while the production cost per pie is R15,00 . We assume all the pies that are
produced will be sold. What is the profit if 200 pies are sold. a. 700 b. 3 900 c. 4 600 d. 6 700
Question 6 Answer saved Marked out of 5.00 Flag question Question text The demand function
for a certain kind of bed is given by q=5 300−3p. Determine the point elasticity of demand (ϵ)
when p=1 600 . a. |ϵ|=9,6>1 and demand is elastic. b. |ϵ|=9,6>1 and demand is inelastic. c.
|ϵ|=−9,6<1 and demand is elastic. d. |ϵ|=−9,6<1 and demand is inelastic. Question 7 Answer
saved Marked out of 5.00 Flag question Question text The supply function for a certain product is
given by p=110+0,07q, with p and q the price and quantity, respectively. Calculate arc elasticity
of supply when the price increases from R160 to R180 . a. Since |ϵs|>1 , supply is elastic over the
given interval. If the price increases by 1% , supply will increase by 2,9% . b. Since |ϵs|>1 , supply
is inelastic over the given interval. If the price increases by 1% , supply will increase by 2,9% . c.
Since |ϵs|>1 , supply is elastic over the given interval. If the price increases by 1% , supply will
decrease by 2,9% . d. Since |ϵs|>1 , supply is inelastic over the given interval. If the price
decreases by 1% , supply will increase by 2,9% . Question 8 Answer saved Marked out of 5.00 Flag
question Question text Ayabonga designs and manufactures cycling products. The demand and
supply functions for bikes are pd=600−1,5qd and ps=−30+6qs, respectively. Where p is the price,
and q the quantity. The equilibrium price and quantity are a. p=474;q=84. b. P=84;q=474. c.
p=600;q=30. d. p=30;q=600. Question 9 Answer saved Marked out of 5.00 Flag question
Question text A firm sells their product for R900 per item. Their fixed costs amounts to R1 500
and the variable cost is R300 per unit produced. Calculate the value of the total revenue (TR) and
total cost (TC) at break-even. a. TR=2 250;TC=2 250. b. TR=2 700;TC=900. c. TR=900;TC=900. d.
TR=900;TC=2 700. Question 10 Answer saved Marked out of 5.00 Flag question Question text
Consider the following total revenue and total cost functions of a firm: TR=150q−3q2 and
TC=−24q2+143q−200, where q is the number of units produced and sold. Determine the firm's
profit when q=20 . a. R8740 b. R1 800 c. R6 940 d. None of the given solutions is true Question
11 Answer saved Marked out of 5.00 Flag question Question text The demand function for a
commodity is q=6000−30p . Fixed costs are R72000 and the variable cost is R60 per unit
produced. Determine the profit function in terms of p a. profit=−30p2+7 800p−432 000 b.
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
Answer saved Marked out of 5.00 Flag question Question text Nhlakanipho designs and
manufactures ladies jeans. The demand and Supply functions for jeans are pd=500−2qd and
ps=−30+8qs, respectively. Find the excess of jeans demanded if the price per jean is set to R250 .
a. 90 b. 125 c. 47 d. 35 Question 3 Answer saved Marked out of 5.00 Flag question Question text
The demand and supply functions for two complementry products, cups (X) and plates (Y), are
given as: qdX=246−9pX+3pY ; qsX=−15+45pX and qdY=275+6pX−12pY ; qsY=−18+96pY.
Determine the equilibrium quantities supplied and prices for cups and plates. a.
pY=3;pX=103;qY=270;qX=4620 b. pY=103;pX=3;qY=270;qX=4620 c.
pY=3;pX=3;qY=270;qX=4620 d. pY=103;pX=103;qY=270;qX=4620 Question 4 Answer saved
Marked out of 5.00 Flag question Question text A new model of laptop is gradually replacing an
earlier model. The projected sales (in thousands) for the old and new model are given by
Sold=16t+4 and Snew=3621−t. Find the time t for which the two models yield the same sales
and determine the value of the sales. a. t=48/13 and S=R2,080 b. t=1 and S=4000 c. t=28/13 and
S=R4278 d. t=43/18 and S=R2000 Question 5 Answer saved Marked out of 5.00 Flag question
Question text A tuck shop at the station has fixed costs of R900 per week. They sell pies at a fixed
price of R23,00 each, while the production cost per pie is R15,00 . We assume all the pies that are
produced will be sold. What is the profit if 200 pies are sold. a. 700 b. 3 900 c. 4 600 d. 6 700
Question 6 Answer saved Marked out of 5.00 Flag question Question text The demand function
for a certain kind of bed is given by q=5 300−3p. Determine the point elasticity of demand (ϵ)
when p=1 600 . a. |ϵ|=9,6>1 and demand is elastic. b. |ϵ|=9,6>1 and demand is inelastic. c.
|ϵ|=−9,6<1 and demand is elastic. d. |ϵ|=−9,6<1 and demand is inelastic. Question 7 Answer
saved Marked out of 5.00 Flag question Question text The supply function for a certain product is
given by p=110+0,07q, with p and q the price and quantity, respectively. Calculate arc elasticity
of supply when the price increases from R160 to R180 . a. Since |ϵs|>1 , supply is elastic over the
given interval. If the price increases by 1% , supply will increase by 2,9% . b. Since |ϵs|>1 , supply
is inelastic over the given interval. If the price increases by 1% , supply will increase by 2,9% . c.
Since |ϵs|>1 , supply is elastic over the given interval. If the price increases by 1% , supply will
decrease by 2,9% . d. Since |ϵs|>1 , supply is inelastic over the given interval. If the price
decreases by 1% , supply will increase by 2,9% . Question 8 Answer saved Marked out of 5.00 Flag
question Question text Ayabonga designs and manufactures cycling products. The demand and
supply functions for bikes are pd=600−1,5qd and ps=−30+6qs, respectively. Where p is the price,
and q the quantity. The equilibrium price and quantity are a. p=474;q=84. b. P=84;q=474. c.
p=600;q=30. d. p=30;q=600. Question 9 Answer saved Marked out of 5.00 Flag question
Question text A firm sells their product for R900 per item. Their fixed costs amounts to R1 500
and the variable cost is R300 per unit produced. Calculate the value of the total revenue (TR) and
total cost (TC) at break-even. a. TR=2 250;TC=2 250. b. TR=2 700;TC=900. c. TR=900;TC=900. d.
TR=900;TC=2 700. Question 10 Answer saved Marked out of 5.00 Flag question Question text
Consider the following total revenue and total cost functions of a firm: TR=150q−3q2 and
TC=−24q2+143q−200, where q is the number of units produced and sold. Determine the firm's
profit when q=20 . a. R8740 b. R1 800 c. R6 940 d. None of the given solutions is true Question
11 Answer saved Marked out of 5.00 Flag question Question text The demand function for a
commodity is q=6000−30p . Fixed costs are R72000 and the variable cost is R60 per unit
produced. Determine the profit function in terms of p a. profit=−30p2+7 800p−432 000 b.
