ECS1601 Assignment 7 (COMPLETE ANSWERS) 2024 - DUE 29 October 2024
ECS1601 Assignment 7 (COMPLETE ANSWERS) 2024 - DUE 29 October 2024 - Course Economics IB (ECS1601)
ECS1601 Assignment 7 (COMPLETE ANSWERS) 2024 - DUE 29 October 2024; 100% TRUSTED Complete, trusted solutions and explanations.Ensure your success with us...
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Economics IA
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, Question 1 (12 marks) Maximum word count: 100 words Giant,
the world’s leading brand of high-quality bicycles and cycling
gear, announced that their pre-tax profit has decreased by almost
50% while their sales were down by approximately 16%. Watch
the following excerpt from The Wild Ones Podcast
Ep.41produced by Cade Media (attached below) and answer the
following questions. (i) Which of the presenters best describes the
market condition that Giant Bicycles faces and explain why you
agree with him or her? (ii) Draw a diagram of the bicycle market
that illustrates the market conditions discussed in the podcast. (iii)
Explain the adjustment process to the new equilibrium position in
the bicycle market.
(i) Which of the presenters best describes the market
condition that Giant Bicycles faces and explain why you agree
with him or her? In the podcast, Presenter A best describes the
market condition Giant Bicycles faces. He mentions that the
market is experiencing a significant decrease in demand due to
economic downturns and increased competition. I agree with him
because the decline in pre-tax profit and sales figures aligns with
these factors, suggesting that Giant Bicycles is struggling to
maintain its market position amidst these challenges.
(ii) Draw a diagram of the bicycle market that illustrates the
market conditions discussed in the podcast. Diagram (Due to
the text format, the description of the diagram will be provided
here):
The diagram should include:
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