Author: Anonymous

QUESTION 4 40 Marks 4.1.1 Give any TWO examples of merit goods. (2) 4.1.2 How can the consumer benefit from competition? (2)     [4] 4.2 Study the graph and answer the questions that follow: RIGHT CLICK ON THE BUTTON TO OPEN THE GRAPH IN A NEW TAB:     4.2.1 Which imperfect market structure is illustrated above? (1) 4.2.2 Name the downward-sloping demand curve above. (1) 4.2.3 Discuss two ways in which collusion may take place in this market. (4) 4.2.4 What would the effect be on total revenue if this producer increased his price from R150 to R155? Show ALL calculations. (4)     [10] 4.3 Study the table and answer the questions that follow: COST AND REVENUE TABLE OUTPUT PRICE AR MR TR AC MC TC 1 21 21 21 21 23 24 23 2 18 18 15 36 19 15 38 3 15 15 9 45 15 7 45 4 12 12 3 48 14 A 56 5 9 9 -3 45 15 19 75   4.3.1 What is the effect on total revenue when marginal revenue is positive? (1) 4.3.2 At which output level will the firm achieve profit maximisation? (1) 4.3.3 Briefly explain the term marginal revenue. (2) 4.3.4 Determine the marginal cost for A in the above table. (2) 4.3.5 Explain why the MR-curve lies below the AR-curve. (4)     [10] 4.4 Draw a well-labelled graph to help in the explanation of economic profit for the monopoly market. (8) 4.5 Draw a well-labelled graph to help in the explanation of a positive externality stemming from consumption. (8)     [40]

1.1.3 The effect of a minimum price will increase the …. goods. (2)

Joe, Cameron, Xin, and Maria agree to meet at a neighborhood bar tonight at 8PM.  If they all will arrive separately, and they are assumed to all be roughly equally punctual, what is the probability that they arrive at the bar in the order: Cameron – Joe – Maria – Xin?  [report your answer to three significant digits]

A new residential building being built in Manhattan has three subsidized apartments that are offered as low-cost housing.  Fifty-three people apply to rent these subsidized apartments, and three of these applicants are randomly selected by lottery to get the apartments. How many possible outcomes are there?

1.1.4 An example of monopolistic competition in South Africa is …. (2)

Here is the same data again, with the mileage ratings (MPG) for the 22 vehicles given below. Calculate and report the interquartile range (IQR) for these data. 75 73 64 34 29 29 28 27 26 25 25 24 23 22 21 19 18 17 17 15 15 12

A teacher compiles a data set from the records in one of his 7th grade history classes. The final exam in the course is a 20-item multiple choice test, with each test item worth 5 points (no partial credit given). So scores on the final exam can range from 0 to 100. The data he compiles include the student’s name, ID number, gender (coded 0 for male, 1 for female, 2 for other), final exam score (on a 100-point scale), and course grade (as a letter grade).  Example data for two students are given below. Name ID Gender FinalExam Grade Mary 23994 1 95 A Ali 27114 0 85 B+   Give the level of measurement for each of the variables above, using the categories {nominal, ordinal, interval, ratio}. Name:  [LM1] ID:  [LM2] Gender:  [LM3] FinalExam:  [LM4] Grade:  [LM5]  

Find an equation of the tangent line to the curve at the point. You may leave your answer in point-slope form. x=t2−5,y=2t3+6,(−1,−10){“version”:”1.1″,”math”:”x = t^{2}-5,\, y = 2t^{3}+6, \quad{} (-1,\, -10)”}

A study investigates the effectiveness of a new flu vaccine.   The one-year study enlists several thousand volunteers.  40% of the volunteers are diagnosed with flu during the course of the study, and 60% are not diagnosed with flu. Of the participants who are diagnosed with flu during the study, 20% had gotten the vaccine.  Overall, 45% of participants had been assigned to the vaccine condition in the study.  What proportion of participants did not contract flu and had gotten the vaccine? Show your work.

Given the parametric equations . Eliminate the parameter and write the corresponding rectangular equation. Do not use inverse trigonometric functions in your answer. x=2cos⁡(t),y=3sin⁡(t)−2{“version”:”1.1″,”math”:”x = 2\cos(t),\, y = 3\sin(t)-2″}