QUESTION 4 40 Mаrks 4.1.1 Give аny TWO exаmples оf merit gооds. (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]
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