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ECS1501 ASSIGNMENT 3 2025-Economics A1

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ECS1501 ASSIGNMENT 3 2025-Economics A1 This assignment shows how demand and supply diagrams using given examples such as Beetle juices and paraphrased assignment .No Plagiarism.Due 21 july 2025

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Anderson Essentials of Statistics for Business & Economics,7th Ed

Edition:2014
ISBN:9781473715257
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Institution: University of South Africa (Unisa)
Course: Economics IA (ECS1501)

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Uploaded on: July 9, 2025
Number of pages: 5
Written in: 2024/2025
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ECS1501 ASSIGNMENT 3 2025
DUE DATE:21 JULY 2025

, ECS1501 ASSIGNMENT 2025

QUESTION 1

(i) An economist would describe the market condition depicted in the cartoon as a short or exceed
demand.

(ii)

(iii)

If there is a shortage, supplier will raise prices of oil due to high demand. High prices will reduce
demand. The market will adjust until a new equilibrium (E2).

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