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ECO401 Assignment 1 Solution Fall 2022

ECO401 Assignment 1 Solution Fall 2022: Today we share with you the economics 401 assignment 1 solution fall 2022 before creating your assignment read the instructions carefully and follow the rules.

Pakistan is producing very limited percentage of oil to meet the overall demand of the country. The indigenous oil production is constrained by technological, technical and financial constraints. This necessitates import of crude oil and other oil products in large quantities to meet significant share of the total demand. Statistics identified that the import bill of oil grew by 95.9 percent to US$17.03 billion during July-April FY2022 as compared to US$8.69 billion during the corresponding period last year.

Requirement:

Find the equilibrium price and quantity of crude oil.

     Find out the price elasticity of demand of crude oil at equilibrium price and quantity.

     If the government imposes a tax of Rs. 25/litre and price becomes Rs. 250 per litre then calculate the quantity demanded and quantity supplied at new price.

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