ECO401 Assignment No 1, Fall 2014,Solutions and Discussions Due Date: Nov-27, 2014
Important announcement, Assignment # 01 ECONOMICS (ECO401)
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.
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(A) Find the market clearing quantity and price of airline tickets, also show the equilibrium condition graphically.
Qs = 200+800P
Qd = 2000-400P
We know that Qs=Qd
Hence 200+800P = 2000-400P
1200 P = 1800
P = 1800 / 1200
P = 1.5
Putting the value of price in any of demand and supply equation,
Qd = 2000-400P
= 2000 – 400 x 1.5
= 2000- 600
Hence the equilibrium price is 1.5 and the equilibrium quantity is 1400.
Sir ya Muqaml Asmt ha...
Solution upload kar do
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