Exam (elaborations)
ECS1501 Assignment 5 2024 (654552) - DUE 22 July 2024
- Course
- Economics IA (ESC1501)
- Institution
- University Of South Africa
ECS1501 Assignment 5 2024 (654552) - DUE 22 July 2024 QUESTIONS AND ANSWERS
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ECS1501 Assignment 52024 (654552) - DUE 22
July 2024
[Company address]
, 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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