Exam (elaborations)
ECS1501 Assignment 5 2024 (654552) - DUE 22 July 2024
- Course
- Economics IA (ECS1501)
- Institution
- University Of South Africa
ECS1501 Assignment 5 2024 (654552) QUESTIONS WITH ANSWERS
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[Date]ECS1501 Assignment
5 2024 (654552) -
DUE 22 July 2024
QUESTIONS AND 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.
Question 3 (13 marks)
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