Eco402 Assignment No 1 Solution 2015 Best

Equilibrium is a state in which there are no shortages and surpluses; in other words the quantity
demanded is equal to the quantity supplied.
Equilibrium price is the price prevailing at the point of intersection of the demand and supply curves; in
other words, it is the price at which the quantity demanded is equal to the quantity supplied.
Equilibrium quantity is the quantity that clears the market; in other words, it is it is the quantity at which
the quantity demand is equal to the quantity supplied.
If we have following demand and supply function
Qd = 100 – 10 P
Qs = 40 + 20 P
Supply Curve
Quantity (Q)
Price (P) Demand Curve
Qd = Qs

In equilibrium,
Qd = Qs
100 - 10P = 40 + 20P
20P + 10P = 100 - 40
30P = 60
P = 60/30
P = 2
Putting the value of price in any of demand and supply equation,
Q = 100 – 10x2 (or 40 + 20x2)
Q = 100 – 20
Q = 80
The equilibrium price is 2 and the equilibrium quantity is 80

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MTH202 Assignment Question No 1 

[Marks: 10]

MTH202 Assignment Question No 2 

[Marks: 05]
Suppose that 250 faculty members can speak French (F) and 60 can speak Russian (R), while only 10 can speak both French and Russian. Using Inclusion-exclusion Principle find how many faculty members can speak either French or Russian?

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MTH202 Assignment No 2 Solution Fall 2017

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