BACHELOR OF COMMERCE IN SUPPLY CHAIN MANAGEMENT YEAR 1 ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE 10.1.4 ECONOMICS 1: ASSIGNMENT 1 [100] QUESTION ONE [30] 1. 1 Discuss how the production possibility frontier model can be used to illustrate the basic economic problem of scarcity. (20) 1.2 Explain the consumer equilibrium condition according to utility theory. Include in your answer the provision of its formula. (10) QUESTION TWO [30] 2.1 List and explain four (4) factors that would result in the shift of the supply curve from S1 to $2 in the diagram below. (20) P1 2.2 Discuss the two main types of related goods according to demand and supply analysis. (10) REGENT BUSINESS SCHOOL (RBS) - JANUARY 2022 18BACHELOR OF COMMERCE IN SUPPLY CHAIN MANAGEMENT YEAR 1 ACADEMIC AND ASSESSMENT CALENDAR DISTANCE QUESTION THREE [30] 31 Discuss two (2) cases of price elasticity of demand. Use diagrams to motivate your answer. (20) 3.2 Explain how, using elasticity as the basis for your answer, it can be determined whether two goods, A and good B are complement goods or substitute goods in consumption. (1 0) QUESTION FOUR [1 0] Discuss the type of price control that can be implemented by a government to protect vulnerable labour in a country from being exploited. Substantiate your answer with the aid of a diagram. This is a research based assignment and requires evidence of research REGENT BUSINESS SCHOOL (RBS) JANUARY 2022 19