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ECS1501 Assignment 5 2024 (654552) - DUE 22 July 2024
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QUESTIONS WITH ANSWERS ECS1501 Assignment 5 2024 (654552) - DUE 22 July 2024
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ECS1501 Assignment 52024 (654552) - DUE
22 July 2024
QUESTIONS WITH ANSWERS
, ECS1501 Assignment 5 2024 (654552) - DUE 22 July 2024
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.
Question 2 (5 marks)
No words allowed, only a diagram with annotations To answer this question
only a diagram with annotations is required. Suppose beer and peanuts are
complements. In anticipation of warm weather conditions, Injabulo
Breweries, the brewers of Number One beer, increased the production of
Number One beer. Show on a diagram how this will affect the market for
peanuts. Indicate how the equilibrium price and equilibrium quantity of
peanuts will change. The direction of any changes should be indicated
using arrows.
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