a) Using the data in the table above, draw a diagram that reflects the rice market in conditions of low and high prices.b) Calculate the point elasticity value for each market price condition (high price and low price) as presented in the table above. Explain the meaning of the value.c) Do you agree with the opinion of an economist who says that the demand for goods at low prices is usually inelastic; but at high prices become more elastic? Connect with the results of your analysis in point (b) above. Describe your analysis. Describe.Please solve subparts A,B,C thank u Table of Questions 3: Conditions of Price (P) and Quantity (Q) of Rice in Binus City, 2019-2021WaktuHigh Price ConditionLow Price ConditionPriceQricePriceOriceJanuari 201980.00020020.000200February80.0008020.000100March100.00035015.000350AprilMay80.0004015.0004090.0005013.00025June90.0001015.0001015.000JulyAugustSeptember70.0005050080.00010010.00030060.0005010.000200October80.0001020.00020November80.000112.000December80.00012.0001January 2020February80.000410.00062.0002010.000100March60.0005020.000100AprilMayJuneJulyAugystSeptember70.0005020.00010070.000110.000175.0007.000365.00037.00030050.000355.00010080.00010015.000200October75.00050013.000800November70.00070010.00010.00014.000700December70.0001.0001.000Januari 202180.000441.000FebruaryMarch80.00090014.00015.000100.000105April90.000412.00015ТОTAL2.147.0004.416369.0006.180AVERAGE76.678,57157,7113.178,57220,71R81818 18

Answered: Table of Questions 3: Conditions of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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a) Using the data in the table above, draw a diagram that reflects the rice market in conditions of low and high prices.
b) Calculate the point elasticity value for each market price condition (high price and low price) as presented in the table above. Explain the meaning of the value.
c) Do you agree with the opinion of an economist who says that the demand for goods at low prices is usually inelastic; but at high prices become more elastic? Connect with the results of your analysis in point (b) above. Describe your analysis. Describe.

Please solve subparts A,B,C thank u

Table of Questions 3: Conditions of Price (P) and Quantity (Q) of Rice in Binus City, 2019-2021
Waktu
High Price Condition
Low Price Condition
Price
Qrice
Price
Orice
Januari 2019
80.000
200
20.000
200
February
80.000
80
20.000
100
March
100.000
350
15.000
350
April
May
80.000
40
15.000
40
90.000
50
13.000
25
June
90.000
10
15.000
10
15.000
July
August
September
70.000
50
500
80.000
100
10.000
300
60.000
50
10.000
200
October
80.000
10
20.000
20
November
80.000
1
12.000
December
80.000
12.000
1
January 2020
February
80.000
4
10.000
62.000
20
10.000
100
March
60.000
50
20.000
100
April
May
June
July
Augyst
September
70.000
50
20.000
100
70.000
1
10.000
1
75.000
7.000
3
65.000
3
7.000
300
50.000
35
5.000
100
80.000
100
15.000
200
October
75.000
500
13.000
800
November
70.000
700
10.000
10.000
14.000
700
December
70.000
1.000
1.000
Januari 2021
80.000
4
4
1.000
February
March
80.000
900
14.000
15.000
100.000
10
5
April
90.000
4
12.000
15
ТОTAL
2.147.000
4.416
369.000
6.180
AVERAGE
76.678,57
157,71
13.178,57
220,71
R81818 18

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