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Comment by Anmol on March 29, 2019 at 10:23pm

salam 

Comment by MUHAMMAD SHERAZ SHOUKAT on November 15, 2018 at 6:05pm

How can i join the groups send me details

Comment by Ali Raza on July 18, 2018 at 9:12am

SPRING%202018_ECO401%20solution.docx

Comment by + "αяsαℓ " Ќąƶµяɨ •" on April 10, 2017 at 9:23am

Welcome to Spring 2017

 

ECONOMICS (ECO401)

On behalf of “Virtual University of Pakistan” we warmly welcome to all of you enrolled in the course “ECONOMICS ECO401”. This is always an exciting and inspirational time as we welcome new students to our departments and university. We hope that you will enjoy by learning concepts of Economics, and find it useful in implementing its knowledge for the understanding of all kind of economic issues.

• This subject demands your full concentration in each lecture. We recommend that if you properly listen to all lectures, read text books & handouts, consult the reference books and go through newspaper regularly then not only you can fulfill the objectives of this course but you can generate good inferences as well. We are always here to help you in this regard.
• In this course your knowledge will be tested through quizzes, graded discussion boards (GDB), Assignments, mid-term and final term examinations. All the testing instruments will not only test your knowledge but also provide you the opportunity to face the challenges in the practical life ahead. You can only benefit from the test instruments if you attempt them by using your own skills.
• You are advised to regularly read news-paper and watch intellectuals and experts’ discussions on TV for remaining alert, and understanding of recent burning issues of industry and economy.
• To excel in the course and have better grades, you are supposed to be self-responsible and regular in your studies. Furthermore, you are advised to:

Ø  Do follow the lecture schedule strictly and remain updated with it.

Ø  Keep visiting VULMS regularly. It will provide you the complete guidance throughout the semester regarding various activities i.e. assignments, quizzes, GDBs etc.

Ø  Do explore VULMS to get advantage of all the available resources i.e.  FAQs, glossary and additional reading material.

Ø  Do not hesitate to use “Moderated Discussion Board (MDB)” to post your lecture related queries. Do not post messages/comments on this interface.

Ø  Attempt the quizzes and assignments with in stipulated time.

In this course your knowledge will be tested through quizzes, graded discussion boards (GDB), Assignments, mid-term and final term examinations. All these activities will not only assess your knowledge regarding contents of the course but also provide you the opportunity to interact with your peer group. You can only benefit from semester activities if you attempt them by using your own skills.

For other queries, comments and discussions send your emails to eco401@vu.edu.pk

Be proactive and work hard. We are always here to guide you and mentor you in all type of issues in which you required guidance.

"Wishing You Best of Luck for the Semester" 

Comment by madihamanzoor on December 28, 2015 at 11:30pm

Good

Comment by anu anum on November 24, 2015 at 5:50pm

ECO401 plzzz Show the market equilibrium condition graphically.

Comment by maheen on August 28, 2015 at 1:39pm

thanks 

Comment by Muhammad Sajjad Hussain on June 29, 2015 at 6:21pm

How to Calculate Price Elasticity of Demand (PED)

price x quantity = total revenue

9 x 2 = 18
8 x 3 = 24

%change in quantity / %change in price = PED

how to calculate % change

new - old / old

1) % change in quantity

3-2/2 = 50

2) % change in price

8-9/9 = -11.11

50/11.11 = 4.5 (elastic)

elasticity

when PED > 1 then elastic
when =1 then unit elastic
when <1 then inelastic

Now consider over university quiz.

When the price of petrol rises by 12%, the quantity of petrol purchased falls by 8%. This shows that the demand for petrol is:

%change in quantity / %change in price = PED

8/12=0.66

result < 1

Answer: inelastic

Comment by Hafeez ur Rehman Fahad on November 27, 2014 at 1:53pm

Solution of Q1 a

Q_s = Q_d

200+800P=2000-400P

200+1200P=2000

1200P=1800

P=1800/1200

P=1.5

Now we put price in any of demand and supply question

Qs= 200+800P

Qs= 200+800(1.5)

Qs= 200+1200

Qs= 1400

Solution for Q1 b 

PЄd = -400     x          1.5/1400

PЄd = -0.429 

PЄs = 800       x          1.5/1400

PЄs = 0.857 

Solution of Q1 c (graph showing surplus) 

Solution of Q2 Part A 

PЄd     =          -0.1035 ( business travelers) 

PЄd     =          -1.335 ( tourists)

 Solution of Q2 Part B

discuss the variation 

you have to discuss that in business travlers there are regular variation, give some reasons (inelasticity, necessity)
for tourist it is elastic and very irragular variations , there may be many factors like future price expactations, alternative ways etc etc 

Comment by +★ HAMMAD ★ on September 17, 2014 at 3:19pm

Nice group

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