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Exam (elaborations)

ECS1501 ASSIGNMENT 3 ANSWERS 2025

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ECS1501 ASSIGNMENT 3 ANSWERS 2025

Institution
University Of South Africa (Unisa)
Course
Economics IA (ECS1501)

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ECS1501
ASSIGNMENT 3
ANSWERS 2025




ECS1501 ASSIGNMENT 3 ANSWERS
2025

, ECS1501 - Assessment 3



Question 1 (12 marks)**



(i) A combination of *Excess Supply* or *Surplus* will describe the market
condition in the cartoon. (12 words)



(ii)



///

Price of Oil

|

| S

| \

| \ *Surplus* (distance between Qs and Qd at current price)

| \

P1|----------\--------

| \

| \

| D \

| Qs Qd Quantity of Oil

-----------------------

///
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