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Thread: Economics (ECO401) first assignment 27th october, 2010

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    Economics (ECO401) first assignment 27th october, 2010

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    Semester “Fall 2010”
    “Economics (ECO401)”
    Assignment No.01 Marks: 15
    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
    Important Note:
    􀂾 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.
    Important Tips
    1. This Assignment can be best attempted from the knowledge acquired after
    watching video lecture no. 1 to lecture no 10 and reading handouts as well as
    recommended text book.

    Schedule
    Opening Date and Time October 26, 2010 At 12:01 A.M. (Mid-Night)
    Due Date and Time November 01, 2010 At 11:59 P.M. (Mid-Night)
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  2. #2
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    i need fin 622 assignment help so plz all fellow send me help just on this assignment

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    you have to upload it then i can help you.

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    27 ECO401 Ass # 1Idea Solution fall 2010

    A


    (1)

    P=8

    Q(d)=850-15(p)

    Q(s)=400+30(p)

    Put price in q(d) and q(s)

    Q(d) Q(s)

    =850-15(p) =400+30(P)

    =850-15(8) =400+30(8)

    =850-120 =400+240

    =730 =640

    (2)

    shortage production because Q(d) is high and Q(s)low is low eight is not equilibrium price

    (3) Shortage will increase price



    (B)

    Equilibrium price

    Q(d)=Q(s)

    850-15(p)=400+30(p)

    45p=450

    p=450/45

    p=10

    Equilibrium price =10

    Here demand and supply is equal



    (C)

    Equilibrium proved

    Q(d)=Q(s)

    850-15(p)=400+30(p)

    850-15(10)=400+30(10)

    850-150=400+300

    700=700

    (D)

    Graphical
    eco.jpg

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