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Ecs1501 Assignment 3 (Detailed Answers) 2025 - Due 21 July 2025

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ECS1501 Assignment 3 2025 - DUE 21 July 2025; 100% TRUSTED workings with detailed Answers for A+ Grade. For assistance call or W.h.a.t.s.a.p.p us on +/ 2/ 5/ 4 /1 /1 /0 /0 /3 /4 /3 /9 /9 .

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ECS1501
ASSIGNMENT 3 2025

UNIQUE NO.
DUE DATE: 21 JULY 2025

, ECS1501 Assignment 3 (2025)

Due Date: 21 July 2025
Student Name:
Student Number:




Question 1 (12 marks) — Maximum 100 words

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

An economist would describe the market condition as a shortage, also known as
excess demand. This occurs when the quantity demanded at the current price exceeds
the quantity supplied (Mankiw, 2021).

(ii) Diagram: Market for oil showing shortage condition

Price
│
│ S
│ /
│ /
│ / ← Excess demand
P1│----/-------------------
│ /| \
│ / | \
│ / | \D
│/___|____________________ Quantity
Qs Qd

 P1 = current price below equilibrium
 Qs = quantity supplied
 Qd = quantity demanded
 Shortage = Qd - Qs

(iii) Adjustment process explanation
Connected book
image
Alan Auerbach, Raj Chetty Handbook of Public Economics
Publisher: juni 2013 ISBN: 9780444537591 Edition: 1

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