Conditions of Price (P) and Quantity (Q) of Rice in Public City, 2019-2021

a) Using the data in the table above, draw a diagram that reflects rice market in conditions of low prices 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

Time January 2019 February March April May Low Price Condition Price_ Le rice 20,000 200 20,000 100 15,000 350 15,000 40 13,000 25 15,000 10 15,000 500 10,000 300 10,000 200 1 June July August September October 20,000 20 12,000 12,000 10,000 November December January 2020 February March April May High Price Condition Price rice 80,000 200 80,000 80 100,000 350 80,000 40 90,000 50 90,000 10 70.000 50 80.000 100 60,000 50 80,000 10 80,000 1 80,000 2 80.000 4 62,000 20 60,000 50 70,000 50 70,000 1 75,000 2 65,000 3 50,000 35 80,000 100 75,000 500 70,000 700 70,000 1,000 80,000 4 80,000 900 100,000 10 90,000 4 10.000 20,000 20,000 10,000 1 1 5 100 100 100 1 3 300 100 200 800 700 June 7.000 July WN 7.000 5,000 15,000 13,000 August September October November December January 2021 February 10,000 10,000 1,000 14,000 14,000 1,000 March 15,000 5 15 April 12,000 TOTAL 2.147,000 4.416 369.000 5.180 AVERAGE 76,678.57 157.71 13,178.57 220.71