We have been working very hard since 2009 to facilitate in your learning Read More. We can't keep up without your support. Donate Now.

www.bit.ly/vucodes

+ Link For Assignments, GDBs & Online Quizzes Solution

www.bit.ly/papersvu

+ Link For Past Papers, Solved MCQs, Short Notes & More

Economics (ECO401) Assignment # 1 Solution required


Question:

Suppose the market demand and market supply for coffee is given by the

following equations:

Qd = 850 – 15P

Qs = 400 + 30P

A. Find quantity demanded and quantity supplied when the price of coffee is Rs. 8. Is there a surplus or shortage in the production of coffee? What should happen to the price of coffee?

B. Find the equilibrium price for coffee by using given demand and supply equations.

C. Prove that the price found in part (B) is an equilibrium price.

D. Show the equilibrium condition in coffee market graphically.

Marks: A = 6(4+1+1), B = 2, C = 3, D = 4

Calculate to the point where calculation is being required. NO need to write irrelevant material or extra interpretation.

Draw equilibrium condition in coffee market by yourself. Do NOT copy from any source. NO need to write irrelevant material.

Graphs are very important in Economics course. This assignment will enhance your skill of drawing graphs. A complete procedure of "How to draw graphs in MS-Word" is uploaded on announcement page of LMS. Get help from that uploaded file to solve part D of this assignment.


+ http://bit.ly/vucodes (Link for Assignments, GDBs & Online Quizzes Solution)

+ http://bit.ly/papersvu (Link for Past Papers, Solved MCQs, Short Notes & More)

+ Click Here to Search (Looking For something at vustudents.ning.com?)

+ Click Here To Join (Our facebook study Group)


Views: 250

Comment

You need to be a member of Virtual University of Pakistan to add comments!

Join Virtual University of Pakistan

Comment by Abdul Rauf on October 27, 2010 at 11:31am
Part A

Price = p = 8 Rs

Qd + 850 – 15P
Qd = 750

Qs = 400 + 30 p
Qs 640 Units

Part B
At equilibrium , Qd = Qs

B50 – 15p = 400 + 30P
45P = 450
P = ……………..

Part C …………………….

Part D ……… graph …………….

Looking For Something? Search Here

Latest Activity

Bakhtawar khan liked ARhum's discussion Poetry...!!!
40 minutes ago
Bakhtawar khan liked Mani Siddiqui BS VIII's discussion FUNNY REPLY TO QARI SAHAB BY CUTE BABY
1 hour ago
Zunaira Nazir liked anees ahmad's discussion EDU 201 Final term Paper From 27-02-2016 to 09-03-2016
1 hour ago
Mani Siddiqui BS VIII posted discussions
1 hour ago
Mani Siddiqui BS VIII replied to Mani Siddiqui BS VIII's discussion مّخمصّہ
2 hours ago
Bakhtawar khan replied to Mani Siddiqui BS VIII's discussion مّخمصّہ
2 hours ago
Mani Siddiqui BS VIII posted a status
"کسی کی معصوم ہنسی کے پیچھے درد کو محسوس تو کرو سنا ہے ہنس ہنس کے لوگ خود کو سزا دیتے ہیں"
2 hours ago
jimmy zack updated their profile
3 hours ago

HELP SUPPORT

This is a member-supported website. Your contribution is greatly appreciated!

© 2020   Created by +M.Tariq Malik.   Powered by

Promote Us  |  Report an Issue  |  Privacy Policy  |  Terms of Service

.