ECS1501
ASSIGNMENT 5
Due 2025
, lOMoARcPSD|21997160
08/09/2025, 16:00 Assessment 5: Attempt review
ECS1501-25-Y_Topics_12-15 Assessments Assessment 5
QUIZ
Started on Monday, 8 September 2025, 2:55 PM
State Finished
Completed on Monday, 8 September 2025, 3:24 PM
Time taken 29 mins 1 sec
Marks 42.00/45.00
Grade 93.33 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.
Question1
Complete
Not graded
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.
I confirm.
I do not confirm.
, lOMoARcPSD|21997160
08/09/2025, 16:00 Assessment 5: Attempt review
Question2
Correct
Mark 1.00 out of 1.00
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).
True
False
This is the standard definition of utility in economics—it's the satisfaction or
pleasure obtained from consuming goods or services.
Question3
Correct
Mark 1.00 out of 1.00
The utility approach rests upon the idea of cardinal utility.
True
False
The classical utility approach (the marginal utility analysis) is based on cardinal
utility.
Question4
Correct
Mark 1.00 out of 1.00
A consumer is in equilibrium if his or her marginal utility is at a maximum.
True
False
A consumer is in equilibrium is not about having the highest marginal utility, but
equal marginal utility per rand across goods.
ASSIGNMENT 5
Due 2025
, lOMoARcPSD|21997160
08/09/2025, 16:00 Assessment 5: Attempt review
ECS1501-25-Y_Topics_12-15 Assessments Assessment 5
QUIZ
Started on Monday, 8 September 2025, 2:55 PM
State Finished
Completed on Monday, 8 September 2025, 3:24 PM
Time taken 29 mins 1 sec
Marks 42.00/45.00
Grade 93.33 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.
Question1
Complete
Not graded
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.
I confirm.
I do not confirm.
, lOMoARcPSD|21997160
08/09/2025, 16:00 Assessment 5: Attempt review
Question2
Correct
Mark 1.00 out of 1.00
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).
True
False
This is the standard definition of utility in economics—it's the satisfaction or
pleasure obtained from consuming goods or services.
Question3
Correct
Mark 1.00 out of 1.00
The utility approach rests upon the idea of cardinal utility.
True
False
The classical utility approach (the marginal utility analysis) is based on cardinal
utility.
Question4
Correct
Mark 1.00 out of 1.00
A consumer is in equilibrium if his or her marginal utility is at a maximum.
True
False
A consumer is in equilibrium is not about having the highest marginal utility, but
equal marginal utility per rand across goods.
