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 Qrice Januari 2019 80.000 200 20.000 200 February 80.000 80 20.000 100 March 100.000 350 15.000 350 April May June July August September 80.000 90.000 40 15.000 40 50 13.000 25 90.000 10 15.000 10 70.000 50 15.000 500 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 1 December 80.000 2 12.000 1 January 2020 February March 10.000 10.000 20.000 80.000 5 62.000 20 100 60.000 70.000 70.000 50 100 April May 50 20.000 100 1 10.000 1 June July Augyst September October 75.000 2 7.000 3 65.000 7.000 300 50.000 35 5.000 100 80.000 100 15.000 200 75.000 500 13.000 800 November 70.000 700 10.000 700
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 Qrice Januari 2019 80.000 200 20.000 200 February 80.000 80 20.000 100 March 100.000 350 15.000 350 April May June July August September 80.000 90.000 40 15.000 40 50 13.000 25 90.000 10 15.000 10 70.000 50 15.000 500 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 1 December 80.000 2 12.000 1 January 2020 February March 10.000 10.000 20.000 80.000 5 62.000 20 100 60.000 70.000 70.000 50 100 April May 50 20.000 100 1 10.000 1 June July Augyst September October 75.000 2 7.000 3 65.000 7.000 300 50.000 35 5.000 100 80.000 100 15.000 200 75.000 500 13.000 800 November 70.000 700 10.000 700
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
Please solve subparts A,B,C thank u
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