ECON1 - Measuring Economic Performance - Economics Assignment Help

Assignment Task

QUESTION 1

Learning outcome: Demand and Supply Product A and Product B are related to each other. They can either be substitute products or complementary products. With the help of graphs indicate the impact on the market for Product A if:

1.1 Product A and Product B are substitute

1.2 Product A and Product B are complementary

QUESTION 2

Learning outcome: Perfect competition Company LALA operates in a perfectly competitive market. With the use of graphs, illustrate the long-term equilibrium of the company and industry.

QUESTION 3

Learning outcome: Measuring economic performance Since the onset of the Covid-19, pandemic workers have been off work often due to illness and family responsibility. Productivity levels have dropped drastically in South Africa over the last 18 months.

3.1 Define inflation.

3.2 Graphically illustrate the different types of inflation.

3.3 Referring back to the current situation explained above:

(i) State what type of inflation South Africa is experiencing.

(ii) What other possible causes contributes to this type of inflation?

3.4 Briefly discuss at least three negative effects of inflation on South Africa.

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