# Eco402 1st Assignment Solution

EQUILIBRIUM

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.

ALGEBRAIC REPRESENTATION OF EQUILIBRIUM

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

Therefore,

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

### ENG301 Assignment No 3 Fall 2017

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__Business Communication__

**Assignment No 3 Solution**and Discussion of Semester

**Fall 2017**. Assignment Due Date is 02 February, 2018. Total Marks are 20. Lectures covered in this Assignment are from Lecture No 23 to Lecture No 37.

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### ENG301 Assignment Question No 1:

As the Sales Director of Sapphire & Co., write a circular letter to introduce your new Allama Iqbal Town branch to your customers.### ENG301 Assignment Question No 2:

Match the special terms for meetings in column A with their definitions in column B and write the correct definitions in column C.**Special terms for Meetings and Committee :**

ENG301 Assignment Question No 2 - Special terms for Meetings and Committee |

### ENG301 Assignment No 3 Solution Fall 2017

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