Practice 10 questions on ECON112 - Introduction to Microeconomics at North-West University. Free AI-generated quiz on uNotes — track your score, retake anytime.
1Based on the production schedule for Argus cocoa farm, if the producer decides to move from Possibility F (producing 30 kg of chocolate and 0 kg of cocoa) to Possibility C (producing 10 kg of chocolate and 75 kg of cocoa), what is the opportunity cost of this decision?
2Given the demand and supply equations for the 2019 Afcon match tickets: Qd = 100 - 0.5P and Qs = -20 + P. Calculate the equilibrium price (P) and equilibrium quantity (Q).
3According to the provided data for I&J fish products, when the price per kilogram increases from R25 to R28, the quantity demanded falls from 1,200 kg to 1,150 kg. Calculate the price elasticity of demand (using the simple percentage method) and determine the impact on Total Revenue (TR).
4Using the cross-price elasticity of demand formula, calculate the elasticity between mayonnaise and pasta if the price of mayonnaise increases from R6 to R8 and the quantity of pasta demanded decreases from 200 to 190 units. What does this relationship imply?
5Based on the cost table for Oewerspens catering company, what is the Marginal Cost (MC) of producing the 4th unit and the Average Cost (AC) of producing the 5th unit?
6Identify which of the following statements correctly describe the relationships between short-run cost curves as discussed in Question 8 of the exam material.
7In the market for potatoes with three consumers (Andiswa: Qd = 10 - 2P; Ben: Qd = 8 - P; Corine: Qd = 14 - 2P), what is the total Market Quantity Demanded (Market Qd) when the price is R3 per kg?
8When the government fixes a maximum price (price ceiling) below the equilibrium price in the market for electricity, which of the following outcomes are expected?
9Which of the following describes the difference between Cardinal Utility and the Law of Dimishing Returns based on the definitions in the course content?
10Using the income elasticity of demand (Ei), how are goods categorized if a 10% increase in income leads to a 5% increase in quantity demanded?
