ECS2601 ASSIGNMENT 4 SEMESTER 2 2024 A firm producing six units of output has an average total cost of R200 and has to pay R300 to its fixed factors of production. The average variable cost is … a. R300. b. R50. c. R200. d. R150.

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,10/11/23, 10:56 AM Assessment 4: Attempt review




 2023  ECS2601-23-S2  Welcome Message  Assessment 4

QUIZ




Started on Monday, 9 October 2023, 6:56 PM
State Finished
Completed on Monday, 9 October 2023, 7:08 PM
Time taken 11 mins 41 secs
Marks 24.00/30.00
Grade 80.00 out of 100.00


Question 1
Complete

Mark 2.00 out of 2.00




A firm producing six units of output has an average
total cost of R200 and has to pay R300 to its fixed
factors of production. The average variable cost is …


a. R300.

b. R50.

c. R200.

d. R150.




Question 2

Complete

Mark 0.00 out of 2.00




Suppose the city decides to sell permits. What is the
maximum price the vendor would pay for a permit per
day?


a. R100,00

b. R75,00

c. None of the options are correct.

d. R50,00




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Question 3
Complete

Mark 2.00 out of 2.00




Consider the equilibrium in the market for carrots
expressed as:
Qs=2P Qd=21-P. If P = R7 and Q = 14. What is the
consumer surplus?




a. 98

b. 49

c. 3.5

d. 7




Question 4
Complete

Mark 0.00 out of 2.00




A sales tax of R1 per unit of output is placed on a
particular firm whose product sells for R5 in a
competitive industry with many firms.
How will this tax affect the cost curves for the firm?


a. Marginal cost becomes MC + 1

b. all of the options are true.

c.

Average cost is now AC + 1.

d. Total cost becomes TC + q since the tax rate
is t = 1




Question 5
Complete

Mark 2.00 out of 2.00




Suppose the competitive market is currently in
equilibrium. If government imposes a price control, we
would expect the consumer surplus to __________ and
the producer surplus to __________.


a. fall; fall

b. fall; rise

c. rise; rise

d. rise; fall




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, 10/11/23, 10:56 AM Assessment 4: Attempt review

Question 6
Complete

Mark 2.00 out of 2.00




Economic profit and producer surplus are similar since
they both focus on the total cost.


Select one:
True

False




Question 7
Complete

Mark 0.00 out of 2.00




What happens in a perfectly competitive industry when
economic profit is greater than zero in the long run?


a. Existing firms may get larger.

b. Firms may move along their LRAC curves to
new outputs.

c. New firms may enter the industry.

d. There may be pressure on prices to fall.




Question 8
Complete

Mark 2.00 out of 2.00




The market supply curves and market demand curves
for books are given as follows:
Supply curve: P = 0.000002Q Demand curve: P = 11 –
0.00002Q

The short-run marginal cost curve: MC = 0.1 + 0.0009Q


The equilibrium quantity of books is …


a. 1 000 books

b. 1 book

c. 500 000 books
d. 10 000 books




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