Semester Fall 2020
MATHEMATICAL ECONOMICS I (ECO606)
ASSIGNMENT NO.1
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| The title "ECO606 Assignment No 1 Solution 2020-VU-Semester Fall 2020t" explains the solution of STA641 GDB No 1 in a very easy and understandable way. |
ECO606 Assignment No 1 Solution 2020-VU-Semester Fall 2020-Mathematical Economics 1
Deadline: December 23, 2020
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STA641 GDB No 1 Solution 2020-Fall 2020-VU-Digilearnerspoint
Case:
There are three soft drink shops in a small city. Each shop sells three flavors of
soft drink: ‘Pepsi’, Sprite’, and Fanta’. The information about the cost of a regular size
of soft drink is given in the following table:
Cost of Soft Drink (Rupees)
- Pepsi 20
- Sprite 21
- Fanta 22
The information about the number of soft drinks / Quantity produced (Q) is given in
the following table:
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| Information about the number of quantity produced for each shop in the small town/city |
The information about the retail price of each brand at each shop / Price (P) is given in the
following table:
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| Detail of retail prices of each brand for every shop in the small city. |
Requirement:
a) Use the concept of matrices and their application in economics; write the
above tables of Cost (C), Quantity (Q), and Price (P) in matrix form.
b) Use the matrices generated in part (a), calculate the Total Cost (TC) for
each shop.
c) Use the matrices generated in part (a), calculate the Total Revenue (TR)
for each shop.
d) Use the matrices generated in part (b) and (c), Find out the total profit for
each shop.
e) Find out the determinant of the price matrix.
f) Find out the determinant of the quantity matrix.
(Marks: a=3, b=3, c=3, d=3, e=4, f=4)
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REQUIREMENT:
Note:
Each part contains marks so, do each part separately and carefully.
Stepwise working in
Math Type is required. Only answers will not be
acceptable.
IMPORTANT:
24 hours extra/grace period after the due date is usually available to overcome
uploading difficulties. This extra time should only be used to meet the
emergencies and above mentioned due dates should always be treated as final
to avoid any inconvenience.
OTHER IMPORTANT INSTRUCTIONS:
DEADLINE:
Make sure to upload the solution file before the due date on VULMS.
Any submission made via email after the due date will not be accepted.
FORMATTING GUIDELINES:
Use the font style “Times New Roman” or “Arial” and font size “12”.
It is advised to compose your document in MS-Word format.
You may also compose your assignment in Open Office format.
Use black and blue font colors only.
RULES FOR MARKING
Please note that your assignment will not be graded or graded as Zero (0), if:
It is submitted after the due date.
The file you uploaded does not open or is corrupt.
It is in any format other than MS-Word or Open Office; e.g. Excel,
PowerPoint, PDF, etc.
It is cheated or copied from other students, the internet, books, journals, etc.
Note related to load shedding: Please be proactive
Grab also:
ECO404 GDB No 1 Solution Fall 2020-VU-Managerial Economics
Dear students!
As you know that Pre-Mid-Term semester activities have started
and load shedding problem is also prevailing in our country.
Keeping in view the fact, you all are advised to post your activities
as early as possible without waiting for the due date. For your
convenience; activity schedule has already been uploaded on
VULMS for the current semester, therefore no excuse will be
entertained after the due date of assignments, quizzes, or GDBs.
GOOD LUCK!