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ECO401 assignment # 1 .... please show how to draw market equilibrium condition graphically on ms word??

Palm oil industry is rapidly growing in Indonesia and Malaysia. Both of these countries are the largest supplier of palm oil in the world. 90% of the total palm oil inventory is produced by these countries. Pakistan, China, India, European Union and United States are the major importer of Malaysian palm oil. Palm oil is used for cooking purposes, for making margarine and it is also used in non-dairy creamers and ice cream. World demand of palm oil has significantly risen during last six years. In 2008, palm oil prices increased above the $1000 per metric ton and in 2011, these prices were $1200. After this, decline in palm oil prices started and in September 2015, these prices settled at $483 per metric ton. There are many factors which affect the demand of palm oil like consumer income, price of other oils etc. Suppose the demand and supply equations of palm oil are given as follows:

Qs = 12000 + 50P

Qd =52000 - 30P

Requirement:
a) Find the market clearing level of quantity and price of Palm oil.
b) Show the market equilibrium condition graphically.
c) If P = $350 per metric ton then how much amount of shortage or surplus would
occur?
d) Find out the price elasticity of demand and price elasticity of supply of palm oil at
equilibrium price and quantity.

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plz post ur accurate solution here ASAP.

SEMESTER FALL 2015
ECONOMICS (ECO401)
ASSIGNMENT NO. 01
DUE DATE: November 26, 2015
MARKS: 20
The Case: Palm oil industry is rapidly growing in Indonesia and Malaysia. Both of these countries are the largest supplier of palm oil in the world. 90% of the total palm oil inventory isproduced by these countries. Pakistan, China, India, European Union and United States are the major importer of Malaysian palm oil. Palm oil is used for cooking purposes, for making margarine and it is also used in non-dairy creamers and ice cream. World demand of palm oil has significantly risen during last six years. In 2008, palm oil prices increased above the $1000 per metric ton and in 2011, these prices were $1200. After this, decline in palm oil prices started and in September 2015, these prices settled at $483 per metric ton. There are many factors which affect the demand of palm oil like consumer income, price of other oils etc. Suppose the demand and supply equations of palm oil are given as follows: Qs = 12000 + 50P Qd =52000 - 30P
Requirement: a) Find the market clearing level of quantity and price of Palm oil. b) Show the market equilibrium condition graphically. c) If P = $350 per metric ton then how much amount of shortage or surplus would occur? d) Find out the price elasticity of demand and price elasticity of supply of palm oil at equilibrium price and quantity.
(Marks: 5+5+5+5)
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Which two prices will be taken for the percentage change in price when we calculate elasticities? 500-483 or 500-350?

kindly koi is ka part b bta dy ga k kesay solve hna ha ?

Please Discuss here about this assignment.Thanks

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Answer - a

Equilibrium Price = $500

Equilibrium Quantity = 37000 = 37 Metric Ton

Answer - c

Qs = 29500 = 29.5 Metric Ton

Qd = 41500 = 41.5 Metric Ton

Shortage of 12 Metric Ton

Answer - d

PEd = - 0.41

PEs = 0.68

These are my answers. Plz confirm to me with ur answers

+Shakeel Ahmad thanks for sharing 

plz do tell us k ap nay knsa method lagaya hai...

sir , aoa, how you have solved d part, please explaiain it.

how did u calculate elasticity. please elaborate. thanks.

bro is ki full assigment mil sakti hay plz\

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