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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.

Assignment File will be attached Later !

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### Replies to This Discussion

(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

= 1400

Hence the equilibrium price is 1.5 and the equilibrium quantity is 1400.

Sir ya Muqaml Asmt ha...

Allah ap sab ka bahala karay

Question 2 he upload kar do

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