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SEMESTER FALL 2019
IMPORTANT:
ECONOMICS (ECO401)
ASSIGNMENT
DUE DATE: JANUARY 21, 2020 MARKS: 15
ASSIGNMENT:
Apple is an American international Tech brand that designs, manufactures, and deals in hardware devices and software. It includes number of hardware products like iPad tablet computer, smart speaker, the Apple Watch but iPhone smartphone is highly demanded product around the globe. Apple has autonomy in production and price setting of its products. Apple is famous for its scope of variety in quality products and earning high revenues. Suppose total revenue (TR) and total cost (TC) functions of Apple are following.
TR = 100Q – 1.5Q2 TC = 30 + 15Q Requirements:
a. CalculateprofitmaximizingoutputlevelofAppleusingmarginalrevenue(MR) and marginal cost (MC) approach.
b. Find out the amount of profit earned by Apple at profit maximizing level of output calculated in part a.
c. Find out average revenue (AR) function and slope of average revenue (AR) function.
(Marks: Part a:5, Part b: 5, Part 2.5+2.5)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.
Dear students!
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 proactiveAs you know that Post 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.
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Total Marks 5
Starting Date Friday, November 15, 2019
Closing Date Thursday, November 21, 2019
Status Open
Question Title Government’s Role in Price Determination & Equilibrium Analysis
Question DescriptionCASE:
Governments get involved in agricultural output markets to stabilize prices of agricultural goods so that producers get reasonable prices. Pakistan’s agriculture sector recorded a slow growth rate of 0.85 percent during the last fiscal year (2018-19). It’s very important to enhance agricultural production to increase farmers’ income, imports reduction and to expand export base of the country. The National Agriculture Emergency Program plans to spend Rs.290 billion in the next five years to boost the sector. The program will be implemented with the coordination of all provinces to improve productivity of major crops i.e. wheat, sugarcane, cotton, rice etc.
Requirement:
Being student of economics identify appropriate price policy measure which government can opt to motivate the farmers and increase agricultural productivity. Logically discuss how the identified price policy will boost the agricultural production.
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Quiz 3 Total Questions : 10
Please read the following instructions carefully!
Quiz will be based upon Multiple Choice Questions (MCQs).You have to attempt the quiz online. You can start attempting the quiz any time within given date(s) of a particular subject by clicking the link for Quiz in VULMS.
Each question has a fixed time of 90 seconds. So you have to save your answer before 90 seconds. But due to unstable internet speeds, it is recommended that you should save your answer within 60 seconds. While attempting a question, keep an eye on the remaining time.
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If for any reason, you lose access to internet (like power failure or disconnection of internet), you will be able to attempt the quiz again from the question next to the last shown question. But remember that you have to complete the quiz before expiry of the deadline.
If any student failed to attempt the quiz in given time then no re-take or offline quiz will be held.
ECO401 Assignment 1 Solution and Discussion
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@cyberian said in ECO401 Assignment 1 Solution and Discussion:
MARKS: 10 ASSIGNMENT: COVID-19 pandemic has been spreading all over the world and affecting millions of people. Health experts are laying emphasis on the importance of frequent hand hygiene along with other precautionary measures to prevent the transmission of COVID-19. Frequent hand washing and hand sanitization are the most effective and easy ways to prevent the spread of this disease. Due to COVID-19 the demand for hand wash and hand sanitizers has been increasing rapidly in all over the world. Dettol, safe guard, lifeboy, hiclean, skincare, hemani, silk etc. are different brands of hand wash and hand sanitizers in Pakistan. Dettol is considered as a most trusted brand providing hygiene products that helps to prevent the spread of COVID-19. Suppose demand and supply function of Dettol hand sanitizers are:
Qd = 4500-7P
Qs= 1500+P
Where ‘P’ is the price in rupees per bottle of hand sanitizer and ‘Qd’ is quantity demanded of hand sanitizer in number of bottles. ‘Qs’ is quantity supplied of hand sanitizer in number of bottles. Requirements: a) Calculate the market equilibrium level of price and quantity of Dettol hand sanitizer. b) Calculate price elasticity of demand using point elasticity method when the company is in equilibrium and interpret the result.
c) What will happen to supply, equilibrium price and equilibrium quantity of hand sanitizer if government gives subsidy to the manufacturer of Dettol hand sanitizer? (Graph is not required) (Marks: 3+4+3) IMPORTANT NOTE: 24 hours extra / grace period after the due date 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 marked 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 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. Best of Luck!
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