100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
ECS1500 ASSIGNMENT 3 SEMESTER 2 2023 $2.99   Add to cart

Exam (elaborations)

ECS1500 ASSIGNMENT 3 SEMESTER 2 2023

 69 views  3 purchases
  • Course
  • Institution

ECS1500 ASSIGNMENT 3 SEMESTER 2 2023

Preview 1 out of 3  pages

  • August 28, 2023
  • 3
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
avatar-seller
ECS1500 Assignment 03 Semester 02 2023

Student number: …54949815…………………………………………………………………………………….

Name: MXOLISI MELUSI MCHUNU……

Date submitted: ……26/08/2023……………………………………………………………………………………

Word count: ……1058…………………………………………………………………………………………



Question 1 (5 marks) Maximum word count: 100 words

Answer 1:

If the price of knitting needles decreases due to new technology, it will make knitting needles more
affordable and attractive to consumers. As a result, the demand for knitting needles will increase.
Knitting needles and crochet hooks are substitutes in consumption, meaning that they can be used
interchangeably for knitting and crocheting projects. Therefore, as the demand for knitting needles
increases, some consumers of crochet hooks may switch to using knitting needles instead. This will
decrease the demand for crochet hooks. Consequently, the market for crochet hooks will experience
a decrease in both the equilibrium price and quantity. The decrease in the price of knitting needles
due to new technology will likely have an impact on the market for crochet hooks.Firstly, as knitting
needles become cheaper, some consumers who previously used crochet hooks may switch to knitting
needles. This is because the lower price of knitting needles makes them a more attractive option for
those who are price-sensitive. As a result, the demand for crochet hooks may decrease.Secondly, the
decrease in the price of knitting needles may also lead to a decrease in the price of knitted products.
This could make knitted products more affordable and increase their demand. As a result, the demand
for crochet hooks, which are used to create crocheted products, may further decrease.Overall, the
decrease in the price of knitting needles is likely to negatively impact the market for crochet hooks,
leading to a decrease in demand for crochet hooks.



Question 2 (5 marks) No words allowed, only a diagram with annotations

Answer 2:

The diagram should show the demand and supply curves for computers in South Africa. The demand
curve should be downward sloping, indicating that as the price of computers decreases, the quantity
demanded increases. The supply curve should be upward sloping, indicating that as the price of
computers increases, the quantity supplied increases.With the implementation of new technology
that makes it cheaper to produce computers, the supply curve for computers in South Africa will shift
to the right. This means that at any given price, there will be a higher quantity supplied. As a result,
the equilibrium quantity of computers will increase, as indicated by an arrow pointing to the right.
The equilibrium price of computers will decrease, as indicated by an arrow pointing downward. To
illustrate the effect of implementing new technology on the market for computers in South Africa,

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller mabena863. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $2.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77254 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$2.99  3x  sold
  • (0)
  Add to cart