ECS1500 Assignment 3 (COMPLETE ANSWERS) Semester 1 2024 (638823) - DUE 27 May 2024

ECS1500 Assignment 3 (COMPLETE ANSWERS) Semester 1 2024 (638823) - DUE 27 May 2024 ; 100% TRUSTED workings, explanations and solutions. for assistance Whats-App 0.6.7..1.7.1..1.7.3.9........... Question 1 (5 marks) Maximum word count: 100 words A new video game has been released that requires the need of a specific gaming console called SUPER CONSOLE. The new video game has received lots of attention and is a popular choice for a birthday and Christmas gift for gamers young and old. Explain how the market for SUPER CONSOLE will be affected by these events. You are allowed to use a diagram to explain your answer, but you will only be allocated marks for the correct verbal explanation. Question 2 (5 marks). No words allowed, only a diagram with annotations Recently an outbreak of Avian flu meant that a large percentage of chickens in South Africa had to be killed. Use a diagram to illustrate how this will affect the market for eggs in South Africa. Clearly indicate how the equilibrium price and equilibrium quantity of eggs will change in South Africa. The direction of any changes should be clearly indicated using arrows. Question 3 (10 marks), Maximum word count: 250 words The currency of Country X has depreciated a lot recently, resulting in imported goods becoming very expensive. Country X is experiencing a problem with the generation of electricity. Therefore, the population and businesses in Country X are turning to solar energy and many households and businesses are installing solar panels. However, all solar panels have to be imported as Country X does not produce solar panels. Explain how the market for solar panels will be affected by these two changes. Clearly indicate how the equilibrium price and equilibrium quantity of solar panels will be affected by these changes. Make use of a combination of diagrams and verbal explanations to explain your answer.