ECO401 Assignment No 1 Fall 2017
Dear Students, ECO401 Assignment Solution has been added. Here you can read or Download ECO401 - Economics Assignment No 1 Solution and Discussion of Semester Fall 2017. Assignment Due Date is 20 November, 2017. Total Marks are 10. We are here to facilitate your learning and we do not appreciate the idea of copying or replicating solutions. Previously we share ECO401 Midterm Solved papers MCQs Mega Collection. |
| ECO401 Assignment No 1 Solution Fall 2017 |
ECO401 Assignment Deadline
Make sure to upload the solution file before the due date on VULMS. Any submission made via email after the due date will not be accepted.
ECO401 Assignment Formatting Guidelines
Use the font style “Times New Roman” or “Arial” and font size “12”.
It is advised to compose your document in MS-Word format.
You may also compose your assignment in Open Office format. Use black and blue font colors only.
It is advised to compose your document in MS-Word format.
You may also compose your assignment in Open Office format. Use black and blue font colors only.
ECO401 Assignment Rules for Marking
Please note that your assignment will not be graded or graded as Zero (0), if:
Suppose the demand and initial supply equations of tomato are given as follows:
Qs = 34 + 0.25P
Qd =88 – 0.05P
Due to the above mentioned supply shock (reduction in import from India and less production in Pakistan), the supply equation changed as follows:
Qs = 22 +0.25P
- It is submitted after the due date.
- The file you uploaded does not open or is corrupt.
- It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF etc.
- It is cheated or copied from other students, internet, books, journals etc.
ECO401 Assignment Questions
The Case: Tomato is second most popular vegetable after potato with 124.75 million tons of production. It is a necessary part of diet because it is useful in raw form as well as in cooked form. Tomato is a main source of vitamin A, B and C with 20% share in daily usage, and it also provides other nutritional elements like potassium, calcium, fiber and iron. Presence of Lycopene made it useful against cancer. In Pakistan, monthly per capita tomato consumption was 0.39 kg and 0.42 kg for rural and urban people, respectively. In recent month, the price of tomato showed a spike due to several reasons such as reduction in import from India and less production in Pakistan.Suppose the demand and initial supply equations of tomato are given as follows:
Qs = 34 + 0.25P
Qd =88 – 0.05P
Due to the above mentioned supply shock (reduction in import from India and less production in Pakistan), the supply equation changed as follows:
Qs = 22 +0.25P
ECO401 Assignment Requirement:
- Find the equilibrium quantity and equilibrium price of tomato before supply change.
- Find the equilibrium quantity and equilibrium price of tomato after supply change.
- If the price announced by market committee is P = Rs. 140 per kg then how much amount of shortage or surplus would occur after the supply shock? Marks: (4+4+2)
ECO401 Assignment No 1 Solution Fall 2017
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