Assessment 10_ Attempt review

11/1/22, 3:19 PM Assessment 10: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=6379714&cmid=213749 1/9 Started on Tuesday, 1 November 2022, 2:54 PM State Finished Completed on Tuesday, 1 November 2022, 3:18 PM Time taken 24 mins 4 secs Marks 15.00/20.00 Grade 75.00 out of 100.00 Question 1 Complete Not graded Question 2 Complete Mark 1.00 out of 1.00 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. In economics, "the long-run" is referred to as a period in which the amounts of all factors of production are fixed. a period in which the amounts of all factors of production can be changed. a period in which the amounts of capital are variable. a period in which the amounts of labour are fixed.  Dashboard / My courses / ECS1501-22-S2 / Assessments / Assessment 10 MENU 

11/1/22, 3:19 PM Assessment 10: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=6379714&cmid=213749 2/9 Question 3 Complete Mark 1.00 out of 1.00 Question 4 Complete Mark 1.00 out of 1.00 Which of the following cost curves does not have a shape that Is explained by the law of diminishing returns? the average variable cost the average fixed cost the average total cost the total cost Average cost is obtained by dividing total cost by total product. Note, that you will lose 50% of the mark for this question if you choose the incorrect option. If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither receive marks for the question nor will you lose marks for choosing this option. True False Unsure  Dashboard / My courses / ECS1501-22-S2 / Assessments / Assessment 10 MENU 

11/1/22, 3:19 PM Assessment 10: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=6379714&cmid=213749 4/9 Question 8 Complete Mark 1.00 out of 1.00 Question 9 Complete Mark 1.00 out of 1.00 Question 10 Complete Mark 1.00 out of 1.00 The essence of the law of diminishing returns is that the marginal product of a variable input will eventually decline from a certain point in the short run (because all or some of the other inputs are fixed). Note, that you will lose 50% of the mark for this question if you choose the incorrect option. If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither receive marks for the question nor will you lose marks for choosing this option. True False Unsure Supply theory tries to explain the behaviour of consumers. Note, that you will lose 50% of the mark for this question if you choose the incorrect option. If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither receive marks for the question nor will you lose marks for choosing this option. True False Unsure Total cost is the additional cost of producing an extra unit of output. Note, that you will lose 50% of the mark for this question if you choose the incorrect option. If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither receive marks for the question nor will you lose marks for choosing this option. True False Unsure  Dashboard / My courses / ECS1501-22-S2 / Assessments / Assessment 10 MENU 

11/1/22, 3:19 PM Assessment 10: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=6379714&cmid=213749 5/9 Question 11 Complete Mark -0.50 out of 1.00 Question 12 Complete Mark 1.00 out of 1.00 Average fixed cost decreases, reaches a minimum and then increases. Note, that you will lose 50% of the mark for this question if you choose the incorrect option. If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither receive marks for the question nor will you lose marks for choosing this option. True False Unsure Patricia withdraws R10 000 from her savings account (on which she earns interest of 10% per annum) to purchase a new computer which she will be able to use in her consultancy for a period of five years. The interest that she would have earned (10% per annum) forms part of her economic costs of production in the first year. Note, that you will lose 50% of the mark for this question if you choose the incorrect option. If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither receive marks for the question nor will you lose marks for choosing this option. True False Unsure  Dashboard / My courses / ECS1501-22-S2 / Assessments / Assessment 10 MENU 

11/1/22, 3:19 PM Assessment 10: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=6379714&cmid=213749 7/9 Question 15 Complete Mark 1.00 out of 1.00 Question 16 Complete Mark 3.00 out of 3.00 Use the data in the following table to answer the question. Output (Units) Total cost (R) 0 100 1 110 2 130 3 166 4 220 5 300 The average total cost of the second unit is Answer: 65 The following table shows some of the cost information of a firm. Fill in the missing values for a, b and c. Units produced (Q) Total fixed cost (R) Total variable cost (R) Total cost (R) Average cost (R) Average fixed cost (R) Average variable cost (R) Marginal cost (R) 0 48 1 48 32 2 100 a. 74 3 216 b. 16 4 104 5 88 6 624 c. 672 112  Dashboard / My courses / ECS1501-22-S2 / Assessments / Assessment 10 MENU 

11/1/22, 3:19 PM Assessment 10: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=6379714&cmid=213749 8/9 Question 17 Complete Mark 2.00 out of 3.00 Fill in the missing values for a, b and c. Units of labour N Total product (TP) Average product (AP) Marginal product (MP) 1 a. 8 8 2 18 b. 10 3 8 4 c. 4  Dashboard / My courses / ECS1501-22-S2 / Assessments / Assessment 10 MENU 