University of Modern Sciences College of Business

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Page | 1 UNIVERSITY OF MODERN SCIENCES College of Business SPRING 2014-15 Course Name: Fundamentals of Microeconomics Course Code: ECON 260 Assessment: Assignment-1 Submission Date: April 15, 2015 Student Name: ----------------------------------------------------------------- Student ID: ----------------------------Section { } Total Points: 20 Weightage: 10 (out of 20%) Course Learning Outcomes (CLOs) Coverage: CLOs K2 S1 S2 S3 S4 Max Marks 4 4 4 4 4 Awarded INSTRUCTIONS TO THE CANDIDATES:  This is individual assessment . Group work is not allowed.  In mentioned cases provide a neat diagram to explain your answer. Make sure to label axes properly. Else points will be deducted  PLEASE SUBMIT the Assignment through STUDENT PORTAL  Also submit the HARD COPY (PRINT) before or on DEADLINE  Assignments submitted through Student Portal will be marked ONLY  The Assignments submitted after DUE DATE will not be ENTERTAINED
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Page | 2 Question- 1 Define Market and Market Equilibrium ? a. By using the demand and supply equations given below, prepare schedule and draw demand and supply curves? b. At what price and output level the market will be in equilibrium? (4 points) Q d = 100 - 6P Q s = 28 + 3P Where Q d is quantity demanded, Q s is quantity supplied while P is the price of good. Answer – Price Demand Supply 1 94 31 2 88 34 3 82 37 4 76 40 5 70 43 6 64 46 7 58 49 8 52 52 9 46 55 10 40 58 Equilibrium will be where Qd =Qs, 100-6P = 28+3P  72 = 9P  8 =P Equilibrium output will be 52 units.

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