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[Solved] ECO402 Assignment 1 Solution & Discussion Spring 2020  

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28/05/2020 10:18 am  

ECO402 Microeconomics Assignment 1 Solution & Discussion Spring 2020


 

MICROECONOMICS (ECO402)

ASSIGNMENT

DUE DATE: JUNE 01, 2020          MARKS: 10

 

Case#01:

Pakistan electricity sector is a developing market. For years, the matter of balancing the country's supply against the demand for electricity had remained an unresolved matter. According to Pakistan Economic Survey 2018-19, the installed electricity generation capacity reached 34,282 megawatts (MW) in Jul- Mar 2018-19 compared to 33,433 megawatts (MW) in the corresponding period of previous year, recording a 2.5% growth. Despite the fact that Pakistan’s installed capacity to generate electricity has surged up, this sector is still facing manifold issues. Let’s suppose the quantity demanded and quantity supplied at different prices per unit of electricity are given in the following table:

Per unit Price (Rupees)

Quantity Demanded (Thousand MV)

Quantity Supplied (Thousand MV)

20

25

14

24

22

16

26

18

18

28

16

20

 

Requirements:

Keeping in mind the above table, you are required to:

  1. Identify the per unit equilibrium price of
  2. Calculate the price elasticity of demand and price elasticity of supply when per unit price of electricity is rupees

 

Marks: (1+6)

 

Case#02:

Meat is a consumable food that appears in various forms in Pakistanlivestock markets including beef, mutton and poultry. Pakistan livestock sector has 50% share in agricultural GDP. Meat and poultry are great sources of protein. They also provide lots of other nutrients like iodine, iron, zinc, vitamins (especially B12), and essential fatty acids. The high cost of a nutritious diet can worsen nutrition outcomes, especially for low-income households. Consumer Price Index (CPI) is used to assess the situation of Inflation. The monthly price review shows the prices of 53 items, including beef, mutton and chicken in 17 major cities of Pakistan. The information about nominal prices and CPI of beef, mutton and chicken for the year 2019 and year 2020 is given below:

Item

Unit

Year

Nominal Price in Faisalabad

CPI

Real Price

 

Beef

 

Kg

April-

2019

375.00

336.48

 

April- 2020

450.00

372.48

?

 

Mutton

 

Kg

April- 2019

950.00

350.53

 

April-

2020

1000.00

380.63

?

 

Chicken,live

 

Kg

April-

2019

179.88

225.63

 

April-

2020

128.00

168.32

?

 

Requirements:

Keeping in mind the above case and assuming April-2019 as the base year, find the real price of beef, mutton and chicken for April-2020.

Marks: (1+1+1)

 

 

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admin
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29/05/2020 7:12 pm  

ECO402 Microeconomics Assignment 1 Solution & Discussion Spring 2020


 

Download attachment for ECO402 solution idea file.

ECO402 Assignment 1 Solution.docx (28 downloads)

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