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

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
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Chapter1: Making Economics Decisions
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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
Transcribed Image Text: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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