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# ECO401 Assignment No 1, Fall 2014,Solutions and Discussions Due Date: Nov-27, 2014

ECO401 Assignment No 1, Fall 2014,Solutions and Discussions Due Date: Nov-27, 2014

Important announcement,  Assignment # 01  ECONOMICS (ECO401)

Dear Students!

This is to inform that Assignment No. 1 will be opened on November 20, 2014 and due date of assignment submission will be November 27, 2014.

A 24 hours extra/grace period after the due date is usually available to overcome uploading difficulties which may be faced by the students on last date.  This extra time should only be used to meet the emergencies; and above mentioned due date should always be treated as final to avoid any inconvenience.

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### Replies to This Discussion

thank you but still i cant find it anywhere in handouts (related material to the assignment)

Solution for Part B (a) (for discussion only, may be wrong)
% of Price Changed = (200-150)/150= 0.333

% change in Qd (Business Travelers) = (2800-2900)/2900= -0.0345

So PEd for Business Travelrs = -0.0345/0.333 = -0.1035

% change in Qd (Tourist) = (1000-1800)/1800= -0.4444

So PEd for Tourists = -0.4444/0.333 = -1.333

with all due respect

i think ur answer is wrong plzzz re check it

correct answer I believe, Q2/part(a) @ hafeez ur Rehman

thanks

P €d=dQ/dP×P/Q=0.4285

P€S=dQ/dP×P/Q=0.857

please expand the formula a little because i have confusion in that . thank you

values put kr dain bs

Price elasticity of demend

Qd =2000-400P

Take derivative of demand function

dQd/dP= -400

At equilibrium P=1.5, Q=1400

P€d= dQd/dPxP/Q = -400X1.5/1400 = -0.428

Similarly you can find P€s by taking derivative of supply function

P€s= 0.857

Ye Question 1 ka part b ka answer ka tariqa ha na??

Yes it is given in handouts on page no 30,31

=dQd/dPxP/Q

Ye price elasticity ka formula tu nhi ha . .  ye tu point elastic city ka hai . . ??

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