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.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 7P

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Suppose that the demand schedule for rice for a Saudi family is as follows:PriceQuantity DemandedOf Rice Per Month(income = SR 10,000)Quantity DemandedOf Rice Per Month(income = SR 15,000)SR 5 60 70SR 4 80 95SR 3 100 120SR 2 120 145SR 1 140 170a. 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 eatingmore outside.c. Use the midpoint method to calculate the price elasticity of demand as the price of riceincreases from SR 4 to SR 5 if (i) family’s income is SR 10,000 and (ii) family’s income is SR15,000.d. Calculate the income elasticity of demand of this family as their income increases fromSR 10,000 to SR15,000 if (i) the price is SR 3 and (ii) the price is SR 1.
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