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ECO401 Economics

ECO401 Economics.Download/upload Video Lectures, Handouts, Helping Materials, Assignments Solution, Online Quizzes, GDB, Past Papers, Solved Papers and more….

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ECO401 Assignment No 01 Spring 2020 Solution & Discussion

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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

Qs = Qd

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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Comment by Ahmad on August 26, 2014 at 9:17am

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Comment by Ahmad on August 26, 2014 at 9:16am

so, help me be4 it.....

Comment by Ahmad on August 26, 2014 at 9:16am

my paper is on Thursday

Comment by Ahmad on August 26, 2014 at 9:16am

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Comment by Ahmad on August 26, 2014 at 9:15am

very scary ab8 eco 401 paper...........

Comment by Ahmad on June 11, 2014 at 7:47pm

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