Question – 1 ECON-101 Instructor: Shujaa Waqar The prime minister of Pakistan has taken notice on.

Question – 1 ECON-101 Instructor: Shujaa Waqar The prime minister of Pakistan has taken notice on.
Assignment – 1 ECON-101 Instructor: Shujaa Waqar The prime minister of Pakistan has taken notice on the increasing sugar prices and now he is requiring his team to analyze whether sugar is an elastic or inelastic commodity in case of Pakistan. Considering the following demand and supply equation for sugar in 2019 and 2020. In 2019, Qd = 1600 – 125P & Qs = 440 + 165P In 2020, Qd = 2400 – 600P & Qs = 570 + 185PS 1) Find the market-clearing price and quantity in 2019 and 2020 (5) 2) Find whether sugar is price elastic or not? (5) 3) Is sugar a normal or an inferior good? (5) 4) If the quantity of stevia has increased from 1500 sachets to 2500, then find whether sugar and stevia a substitute or a complementary good? (5) Apr 08 2022 02:04 PM

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