Examen
ECS1500 ASSIGNMENT 3 SEMESTER 2 2023
- Grado
- Institución
ECS1500 ASSIGNMENT 3 SEMESTER 2 2023
[Mostrar más]Vista previa 1 fuera de 3 páginas
Vista previa 1 fuera de 3 páginas
Añadir al carrito
Añadir al carrito
Vendedor
Seguir
mabena863
Comentarios recibidos
Vista previa del contenido
ECS1500 Assignment 03 Semester 02 2023Student number: …54949815…………………………………………………………………………………….
Name: MXOLISI MELUSI MCHUNU……
Date submitted: ……26/08/2023……………………………………………………………………………………
Word count: ……1058…………………………………………………………………………………………
Question 1 (5 marks) Maximum word count: 100 words
Answer 1:
If the price of knitting needles decreases due to new technology, it will make knitting needles more
affordable and attractive to consumers. As a result, the demand for knitting needles will increase.
Knitting needles and crochet hooks are substitutes in consumption, meaning that they can be used
interchangeably for knitting and crocheting projects. Therefore, as the demand for knitting needles
increases, some consumers of crochet hooks may switch to using knitting needles instead. This will
decrease the demand for crochet hooks. Consequently, the market for crochet hooks will experience
a decrease in both the equilibrium price and quantity. The decrease in the price of knitting needles
due to new technology will likely have an impact on the market for crochet hooks.Firstly, as knitting
needles become cheaper, some consumers who previously used crochet hooks may switch to knitting
needles. This is because the lower price of knitting needles makes them a more attractive option for
those who are price-sensitive. As a result, the demand for crochet hooks may decrease.Secondly, the
decrease in the price of knitting needles may also lead to a decrease in the price of knitted products.
This could make knitted products more affordable and increase their demand. As a result, the demand
for crochet hooks, which are used to create crocheted products, may further decrease.Overall, the
decrease in the price of knitting needles is likely to negatively impact the market for crochet hooks,
leading to a decrease in demand for crochet hooks.
Question 2 (5 marks) No words allowed, only a diagram with annotations
Answer 2:
The diagram should show the demand and supply curves for computers in South Africa. The demand
curve should be downward sloping, indicating that as the price of computers decreases, the quantity
demanded increases. The supply curve should be upward sloping, indicating that as the price of
computers increases, the quantity supplied increases.With the implementation of new technology
that makes it cheaper to produce computers, the supply curve for computers in South Africa will shift
to the right. This means that at any given price, there will be a higher quantity supplied. As a result,
the equilibrium quantity of computers will increase, as indicated by an arrow pointing to the right.
The equilibrium price of computers will decrease, as indicated by an arrow pointing downward. To
illustrate the effect of implementing new technology on the market for computers in South Africa,
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable. Así llegas a la conclusión rapidamente!
Preguntas frecuentes
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller mabena863. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for 2,73 €. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
45,681 summaries were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now