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    Tabinda Waheed

    @Tabinda Waheed

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    • ECO402 Assignment 1 Solution and Discussion

      Re: ECO402 Assignment 1 Solution and Discussion
      SEMESTER FALL 2020
      MICROECONOMICS (ECO402)
      ASSIGNMENT # 01
      DUE DATE: 10
      TH DECEMBER, 2020
      MARKS: 15
      The Case:
      Breakfast is often called ‘the most important meal of the day’. As the name
      suggests, breakfast breaks the overnight fasting period. It replenishes your
      supply of glucose to boost your energy levels and alertness. It also helps
      to provide other essential nutrients required for good health. Breakfast can
      help to better weight management, reduce risk of type 2 diabetes, and heart
      disease in the long term. Milk, eggs, and tea are commonly used in
      breakfast in Pakistan. Therefore, changes in the prices of these products
      have a major impact on the cost of living. The information about their
      nominal prices and CPI from 2018 to 2020 is giver below:
      Item Unit Year Nominal Price CPI
      Milk Liter
      Jun -2018 85.00 283.97
      Jun -2019 90.00 296.50
      Jun -2020 97.50 322.10
      Eggs Dozen
      Jun -2018 83.13 182.83
      Jun -2019 79.38 172.61
      Jun -2020 115.63 229.01
      Tea Packet
      Jun -2018 205.26 304.69
      Jun -2019 221.05 322.11
      Jun -2020 242.10 350.92
      Requirements:
      Keeping in mind the above scenario, solve the following questions.
      a. By assuming June-2018 as the base year, find the real price of milk,
      eggs, and tea in each year.
      b. If the base year bundle has 10 liter milk, 3 dozen eggs, and 2 packets
      of tea then find the Laspeyres index by assuming June-2018 as the
      base year and June-2020 as the current year.
      Marks: (9+6)

      posted in ECO402 - Microeconomics
      Tabinda Waheed
      Tabinda Waheed