ECO401 Assignment no 1 fall 2011 semester on 23 October, 2011

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Semester “Fall 2011”
“Economics (ECO401)”
Assignment No.01 Marks: 20
The case:
The market for Panadol was initially in equilibrium. The demand and
supply equations for the market of Panadol were:
Qd = 1000 – 200P
Qs = 100 + 400P
After few years, cost of production of Panadol increased due to increase
in price of paracetamol (one of the main ingredient used in the
production of Panadol). Due to this increase people started using
Disprine instead of Panadol. After some time once again rapid increase
in the prices of Panadaol was recorded. This time increase in prices was
attributed to increasing demand of the tablet due to dengue fever. This
trend added to the miseries of dengue patients. To better cope the
situation, measures should be taken to decrease the price of Panadol so
that dengue affected poor patients could afford it.
Requirements:
A. Find initial equilibrium price and quantity in the market of Panadol.
B. How would the shift of customers to Disprine have affected the market for
Panadol? Support your answer with diagram.
C. How would the increase in cost of production have affected the market for
Panadol? Illustrate graphically.
D. How can the price of Panadol be controlled? Analyze graphically.
(Marks = 5+5+5+5)
Important Note:
􀂾 Calculate to the point where calculation is being required. NO need to write
irrelevant material or extra interpretation.
􀂾 Draw diagrams 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 your assignment.
􀂾 Corrigendum related to lecture # 3, 6 and 7 have been uploaded on LMS in the
announcement section. Read these corrigenda attentively before solving
assignment.
Important Tips
1. This Assignment can be best attempted from the knowledge acquired after
watching video lecture no. 1 to lecture no 8 and reading handouts as well as
recommended text book.
2. Video lectures can be downloaded for free from vu's Channel - YouTube.
Schedule
Opening Date and Time October 21, 2011 At 12:01 A.M. (Mid-Night)
Due Date and Time October 28, 2011 At 11:59 P.M. (Mid-Night)
Note: Only in the case of Assignment, 24 Hrs extra / grace period after the above mentioned
due date is usually available to overcome uploading difficulties which may be faced by the
students on last date. This extra time should only be used to meet the emergencies and above
mentioned due dates should always be treated as final to avoid any inconvenience.
Important Instructions:
Please read the following instructions carefully before attempting the assignment solution.
Deadline:
• Make sure that you upload the solution file before the due date. No
assignment will be accepted through e-mail once the solution has been
uploaded by the instructor.
Formatting guidelines:
• Use the font style “Times New Roman”/ “Arial” and font size “12”.
• It is advised to compose your document in MS-Word 2003.
• Use black and blue font colors only.
Solution guidelines:
• Every student will work individually and has to write in the form of an
analytical assignment.
• Give the answer according to question, there will be negative marking
for irrelevant material.
• For acquiring the relevant knowledge don’t rely only on handouts but
watch the video lectures and use other reference books also.
Rules for Marking
Please note that your assignment will not be graded or graded as Zero (0) if:
• It has been submitted after due date
• The file you uploaded does not open or is corrupt
• It is in any format other than .doc (MS. Word)
• It is cheated or copied from other students, internet, books, journals etc…

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