ECS1501 Assignment 3 (COMPLETE ANSWERS) 2025 - DUE 21 July 2025

ECS1501 Assignment 3
(COMPLETE ANSWERS)
2025 - DUE 21 July 2025
NO PLAGIARISM
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, Exam (elaborations)
ECS1501 Assignment 3 (COMPLETE
ANSWERS) 2025 - DUE 21 July 2025
Course

 Economics IA (ECS1501)
 Institution
 University Of South Africa (Unisa)
 Book
 Economics for South African Students

ECS1501 Assignment 3 (COMPLETE ANSWERS) 2025 - DUE 21 July 2025;
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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



(i) The market condition depicted in the cartoon would likely be described by an economist as a
shortage or excess demand.




(ii) Draw a diagram of the market for oil that illustrates the market condition
depicted in the cartoon.

Diagram of the Market for Oil

^ Price (P)
|
| S (Supply)
| /
| /
P_shortage -----X-----
| / \ |
| / \ |
| / \ |
| / \|
| / \
P_equilibrium ---+------E----------
| | \ / \
| | \ / \