.... How to Find Your Subject Study Group & Join ....   .... Find Your Subject Study Group & Join ....  

We are here with you hands in hands to facilitate your learning & don't appreciate the idea of copying or replicating solutions. Read More>>

Study Groups By Subject code Wise (Click Below on your university link & Join Your Subject Group)

[ + VU Study Groups Subject Code Wise ]  [ + COMSATS Virtual Campus Study Groups Subject Code Wise ]

Looking For Something at vustudents.ning.com?Search Here

(ECO302) PRINCIPLES OF MICROECONOMICS ASSIGNMENT#1 DUE DATE: MAY 10, 2017

The Case:
Cotton is the second important crop of our country after wheat, in terms of area and value
added. Cotton is known as the silver fiber of Pakistan. In Pakistan, cotton crop is
cultivated in the southern Punjab and Sindh. It brings cash returns to the farmers, supplies
raw materials to the textile industry and provides employment in both the rural and the
urban areas. According to the estimates, Pakistan cotton production for 2016/17 is
forecast to rebound to 7.7 million 480-pound bales, an increase of 10 percent from last
year. Suppose the quantity demanded of cotton at different prices is as follows:

Price per bushel
(Rupees)
Quantity demanded of cotton
(Bushels)
2,000 6,000
3,000 5,000
4,000 4200
5,000 3500


Requirements:
A. From the data given above, draw demand curve of cotton.
B. Calculate price elasticity of demand for cotton when price is between Rs. 3,000
and Rs. 4,000 by using arc elasticity method and interpret your result whether
demand is elastic or inelastic.
C. Based on the value of elasticity calculated above, what would be the impact of
bumper crop on farmers’ incomes?

This Content Originally Published by a member of VU Students.

Views: 64

See Your Saved Posts Timeline

Reply to This

Replies to This Discussion

Plz help if any one have the subject

RSS

Forum Categorizes

Job's & Careers (Latest Jobs)

Admissions (Latest Admissons)

Scholarship (Latest Scholarships)

Internship (Latest Internships)

VU Study

Other Universities/Colleges/Schools Help

    ::::::::::: More Categorizes :::::::::::

Member of The Month

1. HaPpY cнαη∂α (✿◠‿◠)(◉‿◉✿)

Cute Mardan ( Narshak :P), Pakistan

© 2017   Created by + M.Tariq Malik.   Powered by

Promote Us  |  Report an Issue  |  Privacy Policy  |  Terms of Service