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ECS1501 Assignment 3 2025 ANSWERS Due 21 July 2025

Name: ECS1501 Assignment 3 2025 ANSWERS Due 21 July 2025
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ECS1501 Assignment 3 ANSWERS 2025 DUE 21 JULY 2025 Question 1 (12 marks) Maximum word count: 100 words This question is based on the following cartoon:

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Institution: University of South Africa (Unisa)
Course: Economics IA (ECS1501)

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Uploaded on: July 5, 2025
Number of pages: 7
Written in: 2024/2025
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ECS1501
ASSIGNMENT 3 2025
DUE: 21 JULY 2025 (MEMO)

, ECS1501 - Assessment 3.

DUE 21 JULY 2025

Question 1 (12 marks)

Maximum word count: 100 words

This question is based on the following cartoon:

(i) What word/words will an economist use to describe the market condition
depicted in the cartoon

Excess supply / a surplus. (Page 208. Consumer and producer surplus).

Draw a diagram of the market for oil that illustrates the market condition depicted
in the cartoon.(iii) Explain the adjustment process to the new equilibrium position
in the market for oil.

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