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# ECO402 ASSIGNMENT No.1 2019 Solution required

Dates (Khajur) are commonly used at the time of Iftar in the month of Ramadan. Dates
are the perfect diet to break the fast as it activates the body to take in the inflow of food,
by helping to secrete digestive juices. Dates are full of carbohydrates and fiber. The
demand of dates increases in the month of Ramadan, which in turn increases the price
of dates.
Suppose the initial demand and supply equations of dates are given as follows:
Qs = 240 + 0.30P
Qd =300 - 0.20P
In the month of Ramadan, let the demand equation of dates is:
Qd =320 - 0.10P
Requirement:
a) Find the market clearing level of quantity and price of dates before demand change.
b) Find the market clearing level of quantity and price of dates after demand change.
c) Find out the price elasticity of demand of dates at initial equilibrium price and quantity
and interpret the results.

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### Replies to This Discussion

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