please solve C by midpoint method Suppose that the demand schedule for rice for a Saudi family is as follows: Price Quantity Demanded Of Rice Per Month (income = SR 10,000) Quantity Demanded Of Rice Per Month (income = SR 15,000) SR 5 60 70 SR 4 80 95 SR 3 100 120 SR 2 120 145 SR 1 140 170 a. Given the table above, draw the demand curve of rice using Excel. b. Show what will happen to your graph if this family like now less rice as they are eating more outside. c. Use the midpoint method to calculate the price elasticity of demand as the price of rice increases from SR 4 to SR 5 if (i) family’s income is SR 10,000 and (ii) family’s income is SR 15,000.
please solve C by midpoint method Suppose that the demand schedule for rice for a Saudi family is as follows: Price Quantity Demanded Of Rice Per Month (income = SR 10,000) Quantity Demanded Of Rice Per Month (income = SR 15,000) SR 5 60 70 SR 4 80 95 SR 3 100 120 SR 2 120 145 SR 1 140 170 a. Given the table above, draw the demand curve of rice using Excel. b. Show what will happen to your graph if this family like now less rice as they are eating more outside. c. Use the midpoint method to calculate the price elasticity of demand as the price of rice increases from SR 4 to SR 5 if (i) family’s income is SR 10,000 and (ii) family’s income is SR 15,000.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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please solve C by midpoint method
Suppose that the demand schedule for rice for a Saudi family is as follows:
Quantity Demanded
Of Rice Per Month
(income = SR 10,000)
Quantity Demanded
Of Rice Per Month
(income = SR 15,000)
SR 5 60 70
SR 4 80 95
SR 3 100 120
SR 2 120 145
SR 1 140 170
a. Given the table above, draw the demand curve of rice using Excel.
b. Show what will happen to your graph if this family like now less rice as they are eating
more outside.
c. Use the midpoint method to calculate the price elasticity of demand as the price of rice
increases from SR 4 to SR 5 if (i) family’s income is SR 10,000 and (ii) family’s income is SR
15,000.
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