ECO401 Assignment 1 Solution fall 2017

ECO401 Assignment 1 Solution fall 2017:

Dear Students, Here You can read and download ECO401 Assignment No.1 fall 2017 and discussion of fall 2017. ECO401 Assignment Due Date: 20 November, 2017. Assignment Total Marks: 10.

ECO401 Assignment No.1 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

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)

IMPORTANT:

24 hours extra / grace period after the due date is usually available to overcome uploading difficulties. 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.

OTHER IMPORTANT INSTRUCTIONS:

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.

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.

RULES FOR MARKING

Please note that your assignment will not be graded or graded as Zero (0), if:

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.

Note related to load shedding: Please be proactive

Dear students!

As you know that Pre-Mid-Term semester activities have started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.

Recommended: VU Exam Demo Complete Guidelines.

Download Complete EC401 Assignment Solution fall 2017:

Download ECO401 Assignment Solution by Clicking the Download Button Below in just single Click.

If Assignment Solution was helpful. Please Share it with your friends. You can also like our Facebook Page or Subscribe Us below for Updates. Thank You.