ECS1501-23-S2 Assessments Assessment 8
QUIZ
Started on Sunday, 15 October 2023, 5:27 PM
State Finished
Completed on Sunday, 15 October 2023, 5:39 PM
Time taken 12 mins 5 secs
Marks 12.00/12.00
Grade 100.00 out of 100.00
Question 1
Complete
Not graded
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
Question 2
Complete
Mark 1.00 out of 1.00
What does an economist understand by the term “utility”?
how much satisfaction or benefit we get from consuming a good
how much it costs to buy a good
how often we consume a good
how much satisfaction a consumer gets from the substitution of one good for another
In economics, utility refers to the subjective measure of satisfaction or benefit that individuals derive from consuming goods
and services. It is a concept used to understand and analyse consumer behaviour and choices. Utility is about the satisfaction
the consumer gets from consuming a good and not how often the good is consumed or how much it cost.
,Question 3
Complete
Mark 1.00 out of 1.00
Which one of the following is a feature of utility?
When consuming the same good, utility varies across individuals.
Utility is a measure of satisfaction gained from producing a good.
The utility a consumer gains from consuming a product is determined objectively.
Utility always rises at a constant rate.
When consuming the same good, utility varies across individuals.
Utility is a subjective concept that varies from person to person. It represents the satisfaction or benefit an individual derives
from consuming a good or service. Different individuals have different preferences, tastes, and preferences, which lead to
variations in the utility they derive from consuming the same good.
, Question 4
Complete
Mark 1.00 out of 1.00
Based on the following information on the marginal utility and price of ice cream, chocolate, cool drink and bread:
The marginal utility of chocolate is 72 and the price is R3.
The marginal utility of ice cream is 100 and the price of ice cream is R5.
The marginal utility of cool drink is 120 and the price is R10.
The marginal utility of bread is 60 and the price is R12. 5
Which one has the highest weighted marginal utility
ice cream
chocolate
cold drink
bread
The weighted marginal utility of a product is the marginal utility of the product divided by the price of the product, that is
We have to find the product with the highest weighted marginal utility:
· The weighted marginal utility of a chocolate is
· The weighted marginal utility of an ice cream is
· The weighted marginal utility of a cold drink is
· The weighted marginal utility of bread is
Thus, chocolate has the highest weighted marginal utility.
QUIZ
Started on Sunday, 15 October 2023, 5:27 PM
State Finished
Completed on Sunday, 15 October 2023, 5:39 PM
Time taken 12 mins 5 secs
Marks 12.00/12.00
Grade 100.00 out of 100.00
Question 1
Complete
Not graded
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
Question 2
Complete
Mark 1.00 out of 1.00
What does an economist understand by the term “utility”?
how much satisfaction or benefit we get from consuming a good
how much it costs to buy a good
how often we consume a good
how much satisfaction a consumer gets from the substitution of one good for another
In economics, utility refers to the subjective measure of satisfaction or benefit that individuals derive from consuming goods
and services. It is a concept used to understand and analyse consumer behaviour and choices. Utility is about the satisfaction
the consumer gets from consuming a good and not how often the good is consumed or how much it cost.
,Question 3
Complete
Mark 1.00 out of 1.00
Which one of the following is a feature of utility?
When consuming the same good, utility varies across individuals.
Utility is a measure of satisfaction gained from producing a good.
The utility a consumer gains from consuming a product is determined objectively.
Utility always rises at a constant rate.
When consuming the same good, utility varies across individuals.
Utility is a subjective concept that varies from person to person. It represents the satisfaction or benefit an individual derives
from consuming a good or service. Different individuals have different preferences, tastes, and preferences, which lead to
variations in the utility they derive from consuming the same good.
, Question 4
Complete
Mark 1.00 out of 1.00
Based on the following information on the marginal utility and price of ice cream, chocolate, cool drink and bread:
The marginal utility of chocolate is 72 and the price is R3.
The marginal utility of ice cream is 100 and the price of ice cream is R5.
The marginal utility of cool drink is 120 and the price is R10.
The marginal utility of bread is 60 and the price is R12. 5
Which one has the highest weighted marginal utility
ice cream
chocolate
cold drink
bread
The weighted marginal utility of a product is the marginal utility of the product divided by the price of the product, that is
We have to find the product with the highest weighted marginal utility:
· The weighted marginal utility of a chocolate is
· The weighted marginal utility of an ice cream is
· The weighted marginal utility of a cold drink is
· The weighted marginal utility of bread is
Thus, chocolate has the highest weighted marginal utility.
