SECTION B [70 MARKS] QUESTION 2 [20 MARKS] Use the table below to answer the questions that follow. Output Total cost Fixed Variable Average Average Average (units) (R) cost cost fixed cost variable cost total cost (R) (R (R) 100 A J 110 D G M 130 B K 3 166 E H N 220 C L 5 300 F 0 2.1 Provide the answers to the letters denoted by letters A-O (15) 2.2 Define the following terms 2.1.1 Fixed costs (2) 2.1.2 Variable costs (2) 2.3 Total costs comprise of two main costs; Name them (1) EXAMINER MODERATOR CENTRAL UNIVERSITY OF TECHNOLOGY, FREE STATE SENTRALE UNIVERSITEIT VIR TEGNOLOGIE. VRYSTAAT YUNIVESITHI E BOHARENG YA THERENOLOJI, FOREISTATA Central University of Technology, Free State ENM22ES MAIN EXAMINATION NOVEMBER 2019 QUESTION 3: [ 20 MARKS] The table below represents Joan's marginal and total utilities from consumption of pies and hamburgers. The price per pie is R 4 and a hamburger costs R2 each. Joan has R 20 to spend on both products. Pies Hamburgers Units TU MU MU/P TU MU MU/P 160 32 2 264 16 304 14 9/12 336 12 5 352 10 3.1 Reconstruct the table above and fill in the missing figures. (10) 3.2 At what combination of pies and hamburgers will Joan achieve equilibrium if he spends his total income of R 20 per week? (2) 3.3 What is Joan's total utility at equilibrium? 3.4 Distinguish between cardinal and ordinal utility. 3.5 What happens to marginal utility as Joan eats more hamburger