ECS1501
ASSIGNMENT 3 (ANSWERS) YEAR MODULE
DUE DATE: 21 JULY 2025
Written Assignment Submission Guidelines:
Please ensure that your assignment is submitted electronically through the myUnisa platform no later than July 2025.
NB: Assignment submitted to the lecturer(s) through email will not be considered.
QUESTION 1
(i) An economist would describe the market condition depicted in the cartoon as a surplus or excess
supply in the oil market. This occurs when the quantity of oil supplied exceeds the quantity
demanded at the current market price, leading to unsold stocks accumulating. The cartoon
symbolises this by showing oil overflowing and flooding the room, indicating too much oil in the
market relative to what consumers are willing to buy.
(ii)
ASSIGNMENT 3 (ANSWERS) YEAR MODULE
DUE DATE: 21 JULY 2025
Written Assignment Submission Guidelines:
Please ensure that your assignment is submitted electronically through the myUnisa platform no later than July 2025.
NB: Assignment submitted to the lecturer(s) through email will not be considered.
QUESTION 1
(i) An economist would describe the market condition depicted in the cartoon as a surplus or excess
supply in the oil market. This occurs when the quantity of oil supplied exceeds the quantity
demanded at the current market price, leading to unsold stocks accumulating. The cartoon
symbolises this by showing oil overflowing and flooding the room, indicating too much oil in the
market relative to what consumers are willing to buy.
(ii)
