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# ECONOMICS (ECO401) Assignment No. 1 DUE DATE: MAY 21, 2018

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where is solution. we need solution and only 2 days remaining

1. 1. If market price of wheat is Rs.1300 per ton.

Solution:

Qd=15000-30P+ P2

Qd=1500-30(1300) + (13002)

Qd=15000-39000+ 1690000

Qd=1666000

Dq/ Dp     =-30 +2P

Dq/ Dp     =-30+2p

Dq/ Dp     =-30+2(1300)

Dq/ Dp      =2570

The formula of elasticity = (Dq/Dp) (P/Q)

= (2570) (1300/1666000)

=2.01

1. 2. If market price of sugarcane is Rs. 180 per ton.

Qd=12000-20P+2P2

Qd=12000-20(180)+2(180)2

Qd=12000-3600+64800

Qd=7320

Dq/ Dp=-20+4P

Dq/ Dp  =-20+4(180)

Dq/ Dp    =-20+720

Dq/ Dp    =700

The formula of elasticity = (Dq/Dp) (P/Q)

=    700(180/7320)

=     1.72

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