ECO402 Microeconomics Assignment 01 Fall 2020 Solution / Discussion
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ASSALAM O ALIKUM! SIR PLEASE SEND THE SOLUTION OF FIRST ASSIGNMENT
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Please you mind sharing the solution. In case you are done already.
Your kind help will be much appreciated.
ECO402 Assignment 1 Fall 2020 Solution:
ECO402 Assignment 1 Fall 2020 Solution:
Download attachment for ECO402 assignment 1 solution file in MS Word.
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MICROECONOMICS (ECO402)
ASSIGNMENT # 01
DUE DATE: 10TH DECEMBER, 2020 MARKS: 15
Breakfast is often called ‘the most important meal of the day’. As the name suggests, breakfast breaks the overnight fasting period. It replenishes your supply of glucose to boost your energy levels and alertness. It also helps to provide other essential nutrients required for good health. Breakfast can help to better weight management, reduce risk of type 2 diabetes, and heart disease in the long term. Milk, eggs, and tea are commonly used in breakfast in Pakistan. Therefore, changes in the prices of these products have a major impact on the cost of living. The information about their nominal prices and CPI from 2018 to 2020 is giver below:
Item |
Unit |
Year |
Nominal Price |
CPI |
Milk |
Liter |
Jun -2018 |
85.00 |
283.97 |
Jun -2019 |
90.00 |
296.50 |
||
Jun -2020 |
97.50 |
322.10 |
||
Eggs |
Dozen |
Jun -2018 |
83.13 |
182.83 |
Jun -2019 |
79.38 |
172.61 |
||
Jun -2020 |
115.63 |
229.01 |
||
Tea |
Packet |
Jun -2018 |
205.26 |
304.69 |
Jun -2019 |
221.05 |
322.11 |
||
Jun -2020 |
242.10 |
350.92 |
Keeping in mind the above scenario, solve the following questions.
Marks: (9+6)
by using this formula we find out the real price
(CPI BASE YEAR /CPI CURRENT YEAR) MULTIPLY NOMINAL PRICE CURRENT YEAR
by using this formula we find out the Laspeyres
(CURRENT YEAR PRICE MUTIPLY QUANTITY)/(BASE YEAR PRICE MULTIPLY QUANTITY)MUTIPLY BY 100
Thank you so much for your kind help.
I'm a new student at VU, and an overseas Pakistani, that is why have no idea what is going on here. I hope we will be helping each other in the future. I have sent you a request please add me there. I want to send you the assignment I've made if you can check and help me out with that.
Regards,
Question 1
Milk June 2019 Rs 86.2
June 2020 Rs. 85.96
Eggs June 2019 Rs. 84.1
June 2020 Rs. 92.31
Tea June 2019 Rs. 209.1
June 2020 Rs. 210.2
ECO402 Assignment 1 Fall 2020 Solution:
ECO402 Assignment 1 Solution Fall 2020
Solution :
Formula : (CPI base year/CPI current year)* nominal price current year
Items |
unit |
years |
Nominal price |
CPI |
Real price |
Milk |
Liter |
June -2018 June-2019 June-2020 |
85.00 90.00 97.50 |
283.97 296.50 322.10 |
283.97/283.97*85.00=85.00 283.97/296.50*90.00=86.20 283.97/322.10*97.50=85.96 |
Eggs |
Dozen |
June - 2018 June-2019 June-2020 |
83.13 79.38 115.63 |
182.83 172.61 229.01 |
182.83/182.83*83.13=83.13 182.83/172.61*79.38=84.08 182.83/229.01*115.63=92.31 |
Tea |
Packet |
June-2018 June-2019 June-2020 |
205.26 221.05 242.10 |
304.69 322.11 350.92 |
304.69/304.69*205.26=205.26 304.69/322.11*221.05=209.10 304.69/350.92*242.10=210.21 |
Q .NO: 2
Solution :
Formula : (current year price *quantity)/(Base year price * quantity)*100
Items |
unit |
years |
Nominal price |
Real price |
Laspeyres |
Milk |
10 liter |
Jun - 2018 June-2019 June-2020 |
85.00 90.00 97.50 |
85.00 86.20 85.96 |
(85.96*10)/(85*10)*100 (859.60/850)*100 1.01*100 101 |
Eggs |
03 dozen |
Jun - 2018 June-2019 June-2020 |
83.13 79.38 115.83 |
83.13 84.08 92.08 |
(92.31*3)/(83.13*3)100 (276.93/249.39)*100 1.11*100 111 |
Tea |
02 packet |
Jun - 2018 June-2019 June-2020 |
205.26 221.05 242.10 |
205.26 209.10 210.21 |
(210.21*2)/(205.26*2)*100 (420.42/410.52)*100 1.02*100 102 |
ECO402 Assignment 1 Fall 2020 Solution:
Download attachment for ECO402 assignment 1 solution file in MS Word.
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