← 36 Assessment 3 signature on your 84113:49 i destin, you can provide your number instead. Please submit your answer using the attached format. Please answer the following questions: Question 1 (5 marks) 100 words Maximum word count: Smartphones and tablets are substitutes in production. The price of tablets is expected to decrease. Explain how this will affect the smartphone market. You are allowed to use a diagram to explain your answer, but you will only be allocated marks for the correct verbal explanation. Question 2 (5 marks) No words allowed, only a diagram with annotations The South African government introduces a tax incentive to encourage consumers to use electric vehicles to encourage their adoption. Use a diagram to explain how this subsidy would affect the equilibrium quantity and equilibrium price in the market for electric vehicles. Clearly indicate the direction of any changes using arrows. Question 3 (10 marks) 250 words Maximum word count: A major technological advancement in agriculture significantly lowers the cost of producing wheat. At the same time, a new health trend encourages more people to consume wheat-based products. Discuss how the market for wheat will be affected by these changes. Clearly indicate how the equilibrium price and equilibrium quantity of wheat will be affected by these changes. Provide diagrams and verbal explanations in your response. DOC Submission format ECS1500 Assignment 03 2025.docx 19.04 KB Thursday, January 30, 2025, 3:41 PM Add submission
← 36 Assessment 3 signature on your 84113:49 i destin, you can provide your number instead. Please submit your answer using the attached format. Please answer the following questions: Question 1 (5 marks) 100 words Maximum word count: Smartphones and tablets are substitutes in production. The price of tablets is expected to decrease. Explain how this will affect the smartphone market. You are allowed to use a diagram to explain your answer, but you will only be allocated marks for the correct verbal explanation. Question 2 (5 marks) No words allowed, only a diagram with annotations The South African government introduces a tax incentive to encourage consumers to use electric vehicles to encourage their adoption. Use a diagram to explain how this subsidy would affect the equilibrium quantity and equilibrium price in the market for electric vehicles. Clearly indicate the direction of any changes using arrows. Question 3 (10 marks) 250 words Maximum word count: A major technological advancement in agriculture significantly lowers the cost of producing wheat. At the same time, a new health trend encourages more people to consume wheat-based products. Discuss how the market for wheat will be affected by these changes. Clearly indicate how the equilibrium price and equilibrium quantity of wheat will be affected by these changes. Provide diagrams and verbal explanations in your response. DOC Submission format ECS1500 Assignment 03 2025.docx 19.04 KB Thursday, January 30, 2025, 3:41 PM Add submission
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 20RQ: What is the difference between the demand and the quantity demanded of a product, say milk? Explain...
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Transcribed Image Text:←
36
Assessment 3
signature on your
84113:49
i
destin, you can provide your
number instead. Please submit your answer using the attached
format.
Please answer the following questions:
Question 1 (5 marks)
100 words
Maximum word count:
Smartphones and tablets are substitutes in production. The price of
tablets is expected to decrease. Explain how this will affect the
smartphone market. You are allowed to use a diagram to explain
your answer, but you will only be allocated marks for the correct
verbal explanation.
Question 2 (5 marks) No words allowed, only a diagram with
annotations
The South African government introduces a tax incentive to
encourage consumers to use electric vehicles to encourage their
adoption. Use a diagram to explain how this subsidy would affect the
equilibrium quantity and equilibrium price in the market for electric
vehicles. Clearly indicate the direction of any changes using arrows.
Question 3 (10 marks)
250 words
Maximum word count:
A major technological advancement in agriculture significantly
lowers the cost of producing wheat. At the same time, a new health
trend encourages more people to consume wheat-based products.
Discuss how the market for wheat will be affected by these changes.
Clearly indicate how the equilibrium price and equilibrium quantity
of wheat will be affected by these changes. Provide diagrams and
verbal explanations in your response.
DOC
Submission format ECS1500 Assignment 03
2025.docx
19.04 KB Thursday, January 30, 2025, 3:41 PM
Add submission
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