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Analisis Dayasaing dan Dampak Kebijakan Pemerintah terhadap Komoditas Kakao PTPN VIII Kebun Cikumpay Afdeling Rajamandala Bandung

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Vol 1 No 2 September 2011 ISSN 2252-5491

SUSUNAN REDAKSI Penanggung jawab :

Ketua Departemen Agribisnis, Fakultas Ekonomi Manajemen, Institut Pertanian Bogor

Dewan Redaksi:

Ketua : Prof. Dr. Ir. Rita Nurmalina, MS Anggota : 1. Dr. Ir. Ratna Winandi, MS

2. Dr. Ir. Anna Fariyanti, MS. 3. Dr. Ir. Amzul Rifin, MA 4. Ir. Dwi Rachmina, MS

Mitra Bestari sebagai Penelaah Ahli :

1. Prof. Dr. Bustanul Arifin (Universitas Lampung) 2. Prof. Dr. Ir. Masyhuri (Universitas Gajah Mada)

3. Prof. Dr. Ir. Achmad Suryana, MS (Kementerian Pertanian) 4. Prof. Dr. Ir. Nuhfil Hanani, MS (Universitas Brawijaya) 5. Dr. Ir. Muhammad Firdaus, MS (Institut Pertanian Bogor)

Redaktur Pelaksana: 1. Ir. Harmini, MS 2. Ir. Netti Tinaprilla, MM 3.

Administrasi dan distribusi: 1. Hamid Jamaludin Muhrim, Amd 2. Yuni Sulistyawati, S.AB

Alamat Redaksi:

Magister Sains Agribisnis (MSA), Departemen Agribisnis,

Fakultas Ekonomi dan Manajemen, Institut Pertanian Bogor

Jl. Kamper Wing 4 Level 5, Kampus IPB Darmaga, Telp/Fax : (0251) 8629654,

e-mail: forum.agribisnis@gmail.com

FORUM AGRIBISNIS (FA) adalah jurnal ilmiah sebagai forum komunikasi antar peneliti, akademisi, penentu kebijakan dan praktisi dalam bidang agribisnis dan bidang terkait lainnya. Tulisan bersifat asli berisi analisis empirik atau tinjauan teoritis dan review buku terbaru. Jurnal diterbitkan setiap semester pada bulan Maret dan September.

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Cocoa is one of Indonesia's export commodities that potential to be developed because the world's cocoa consumption increases year by year. However, the national cocoa facing various problems, especially the quality is still low. PTPN VIII Cikumpay Afdeling Rajamandala is national plantation that produces cocoa with quality in national standards, so the objectives of this study are to analyze competitiveness of cocoa in PTPN VIII Cikumpay Rajamandala, to analyze government policy effect, to analyze the changing effect of productivity, price of cocoa, and exchange rates of rupiah against competitiveness of the cocoa. The methods of this research are Policy Analysis Matrix (PAM) and sensitivity analysis. The results suggest that cocoa from PTPN VIII Rajamandala have competitiveness because the value of Private Cost Ratio (0.92) and Domestic Resource Cost (0.95) less than one and the value of private and social benefits are positive. The value of NPCO (Nominal Protection Coefficient Output) indicates that government policy is support competitiveness of cocoa, but the value of NPCI (Nominal Protection Coefficient on Inputs) shows that government policy is not support competitiveness of cocoa. Sensitivity analysis indicates that productivity, the price of cocoa, and exchange rate of rupiah affect the competitiveness of cocoa in PTPN VIII Cikumpay Rajamandala. Therefore, to increase productivity and to anticipate price and currency fluctuations in world markets, there should be serious steps such as the role of the government by issuing policies that protect domestic producers so the Indonesian cocoa more competitive.

Keyword(s): Cocoa, Competitiveness, Policy Analysis Matrix, Government Policy, Sensitivity

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'D\DVDLQJ NDNDR GL ORNDVL SHQHOLWLDQ GLDQDOLVLV PHQJJXQDNDQ Policy Analysis Matrix 3$0 0DWULNV LQL GLVXVXQ EHUGDVDUNDQ GDWD SHQHULPDDQ ELD\D SURGXNVL GDQ ELD\D SHQJRODKDQ \DQJ WHUEDJL PHQMDGL GXD EDJLDQ \DLWX KDUJD ILQDQVLDO SULYDW GDQ KDUJD HNRQRPL ED\DQJDQ DWDX VRVLDO %LD\D ELD\D SDGD KDUJD SULYDW GDQ HNRQRPL PDVLQJ PDVLQJ MXJD GLEDJL PHQMDGL GXD \DLWX

tradableGDQnon tradable +DVLO DQDOLVLV 0DWULNV $QDOLVLV .HELMDNDQ GL 3731 9,,, $IGHOLQJ 5DMDPDQGDOD GDSDW GLOLKDW SDGD 7DEHO

6HFDUD NHVHOXUXKDQ DQDOLVLV SULYDW GDQ HNRQRPL PHQXQMXNNDQ EDKZD SHQJXVDKDDQ NDNDR GL 3731 9,,, .HEXQ &LNXPSD\ $IGHOLQJ 5DMDPDQGDOD PH QJXQWXQJNDQ NDUHQD PHPLOLNL SHQHUL PDDQ SULYDW GDQ VRVLDO \DQJ SRVLWLI +DVLO NDONXODVL budget SULYDW GDQ VRVLDO \DQJ GLODNXNDQ VHODPD WDKXQ GHQJDQ

discount rate VHEHVDU SHUVHQ PHQXQMXNNDQ EDKZD Net Present Value

139 GL 3731 9,,, $IGHOLQJ 5DMDPDQGDOD DGDODK SRVLWLI 5S SHU KHNWDU GDQ NHXQWXQJDQ

VRVLDOQ\D 5S SHU KHNWDU

'DSDW GLOLKDW EDKZD MXPODK SHQHULPDDQ OHELK EHVDU GDULSDGD ELD\D LQSXWtradable

GDQnon tradable.

$JDU SHPEDKDVDQ OHELK WHUSHULQFL LQGLNDWRU GD\DVDLQJ GDQ GDPSDN NHELMDNDQ SHPHULQWDK WHUKDGDS NRPRGL WDV NDNDR GL 3731 9,,, $IGHOLQJ 5DMDPDQGDOD GDSDW GLOLKDW SDGD 7DEHO ,QGLNDWRU GLEXDW EHUGDVDUNDQ KDVLO 7DEXODVL GDUL 0DWULNV $QDOLVLV .HELMDNDQ

3$0

$QDOLVLV NHXQJJXODQ NRPSHWLWLI WHUGLUL GDUL DQDOLVLV NHXQWXQJDQ SULYDW

Privat Profit GDQ 5DVLR %LD\D SULYDW

Privat Cost Ratio/3&5 %HVDUQ\D NHXQWXQJDQ SULYDW DGDODK SRVLWLI \DLWX

5S SHU KHNWDU VHKLQJJD

3731 9,,, DIGHOLQJ 5DMDPDQGDOD PHQGDSDWNDQ NHXQWXQJDQ GL DWDV QRUPDO GHQJDQ DGDQ\D NHELMDNDQ SHPHULQWDK 3HQHULPDDQ SURGXVHQ EHUGDVDUNDQ QLODL SULYDW OHELK EHVDU GDUL SHQJHOXDUDQ LQSXW

tradable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

7DEHO 0DWULNV $QDOLVLV .HELMDNDQ 3HQJXVDKDDQ .DNDR 3731 9,,, .HEXQ &LNXPSD\ $IGHOLQJ 5DMDPDQGDOD 7DKXQ SHU KHNWDU

.RPSRQHQ 3HQHULPDDQ %LD\D ,QSXW 3URILW

7UDGDEOH 1RQ 7UDGDEOH +DUJD 3ULYDW

+DUJD (NRQRPL 'DPSDN .HELMDNDQ

(12)

7DEHO ,QGLNDWRU 'D\DVDLQJ GDQ 'DPSDN .HELMDNDQ 3HPHULQWDK WHUKDGDS .RPRGLWDV .DNDR 3731 9,,, $IG 5DMDPDQGDOD

,QGLNDWRU 1LODL

5DVLR %LD\D 3ULYDW 3&5

5DVLR 6XPEHUGD\D 'RPHVWLN '5&

.RHILVLHQ 3URWHNVL 2XWSXW 1RPLQDO 13&2 .RHILVLHQ 3URWHNVL ,QSXW 1RPLQDO 13&, .RHILVLHQ 3URWHNVL (IHNWLI (3&

.RHILVLHQ .HXQWXQJDQ 3&

5DVLR 6XEVLGL %DJL 3URGXVHQ 653 $QDOLVLV NHXQJJXODQ NRPSDUDWLI WHUGLUL GDUL DQDOLVLV NHXQWXQJDQ VRVLDO

Social Profit GDQ 5DVLR %LD\D 6XPEHUGD\D Domestic Resource Cost /

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

$QDOLVLV GDPSDN NHELMDNDQ SHPH ULQWDK WHUKDGDS GD\DVDLQJ NDNDR \DQJ ODQJVXQJ EHUSHQJDUXK WHUKDGDS RXWSXW GDSDW GLOLKDW GDUL QLODL 7UDQVIHU 2XWSXW 72 GDQ .RHILVLHQ 3URWHNVL 2XWSXW 1DVLRQDO Nominal Protection

Coeffi-cient Output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ominal Protection Coefficient on Inputs13&,

(13)

1LODL 7DQVIHU ,QSXW \DQJ GLKDVLONDQ GDODP SHQHOLWLDQ LQL DGDODK 5S SHU KHNWDU \DQJ EHUDUWL EDKZD KDUJD LQSXW tradable \DQJ GLNHOXDUNDQ OHELK WLQJJL GLEDQGLQJNDQ GHQJDQ ELD\D LQSXW tradable SDGD KDUJD HNRQRPL 'HQJDQ NDWD ODLQ KDUJD VRVLDO LQSXW tradable OHELK UHQGDK GDULSDGD KDUJD SULYDWQ\D VHKLQJJD LQWHUYHQVL SHPHULQWDK PHQJDNLEDWNDQ 3731 9,,, PHPED\DU LQSXW OHELK EHVDU GDUL NRQGLVL \DQJ VHKDUXVQ\D .RHILVLHQ SURWHNVL LQSXW QRPLQDO 13&, DGDODK UDVLR DQWDUD ELD\D LQSXW tradable EHUGDVDUNDQ KDUJD SULYDW GDQ ELD\D LQSXW tradable

EHUGDVDUNDQ KDUJD VRVLDO 1LODL 13&, GL ORNDVL SHQHOLWLDQ DGDODK \DQJ EHUDUWL SHPHULQWDK PHQLQJNDWNDQ KDUJD LQSXW

tradable GL SDVDU GRPHVWLN \DQJ GLKDGDSL SHUNHEXQDQ $IGHOLQJ 5DMDPDQGDOD GL EDZDK KDUJD GXQLD 'HQJDQ GHPLNLDQ NHELMDNDQ SHPHULQWDK WHUKDGDS LQSXW WLGDN PHQGRURQJ SHQLQJNDWDQ GD\DVDLQJ NDNDR GL 3731 9,,, DIGHOLQJ 5DMDPDQGDOD 13&, \DQJ QLODLQ\D OHELK GDUL VDWX PHQXQMXNNDQ DGDQ\D SURWHNVL SHPHULQWDK WHUKDGDS SURGXVHQ LQSXW tradable GL SDVDU GRPHVWLN 1LODL WUDQVIHU IDNWRU \DQJ GLKDVLONDQ SDGD SHQHOLWLDQ LQL DGDODK 5S SHU KHNWDU \DQJ PHQXQMXNNDQ EDKZD KDUJD LQSXW GRPHVWLN \DQJ GLNHOXDUNDQ SDGD WLQJNDW KDUJD SULYDW OHELK WLQJJL GLEDQGLQJNDQ GHQJDQ ELD\D GRPHVWLN \DQJ GLNHOXDUNDQ SDGD WLQJNDW KDUJD HNRQRPL $UWLQ\D WHUGDSDW NHELMDNDQ SHPHULQWDK \DQJ EHUVLIDW PHOLQGXQJL LQSXW GRPHVWLN 2OHK NDUHQD LWX 3731 9,,, $IGHOLQJ 5DMDPDQGDOD KDUXV PHPED\DU LQSXW

GRPHVWLN OHELK WLQJJL GDULSDGD ELD\D VRVLDOQ\D

'DPSDN NHELMDNDQ SHPHULQWDK VHFDUD NHVHOXUXKDQ EDLN WHUKDGDS LQSXW PDXSXQ RXWSXW GLOLKDW GDUL .RHILVLHQ 3URWHNVL (IHNWLI Effective Protection Coefficient(3& 7UDQVIHU %HUVLK 7% .RHILVLHQ .HXQWXQJDQ Profitability Coefficient3& GDQ 5DVLR 6XEVLGL 3URGXVHQ 653 $GDSXQ QLODL (3& \DQJ GLKDVLONDQ GDODP SHQHOLWLDQ LQL DGDODK \DQJ PHQXQMXNNDQ EDKZD SURWHNVL SHPHULQWDK WHUKDGDS LQSXW GDQ RXWSXW NDNDR GL 3731 9,,, $IGHOLQJ 5DMDPDQGDOD VXGDK HIHNWLI 1LODL 7UDQVIHU %HUVLK \DQJ GLSHUROHK DGDODK 5S SHU KHNWDU \DQJ EHUDUWL DGDQ\D SHQDPEDKDQ NHXQWXQJDQ XQWXN 3731 9,,, DIGHOLQJ 5DMDPDQGDOD \DQJ GLVHEDENDQ ROHK LQWHUYHQVL SHPHULQWDK 1LODL 7UDQVIHU EHUVLK \DQJ SRVLWLI PHQJLQGLNDVLNDQ WHUGDSDWQ\D NHELMDNDQ SHPHULQWDK WHUKDGDS LQSXW GDQ RXWSXW DNDQ PHQLQJNDWNDQ VXUSOXV 3731 9,,, DIGHOLQJ 5DMDPDQGDOD VHEHVDU

5S SHU KHNWDUQ\D

.RHILVLHQ NHXQWXQJDQ \DQJ GL KDVLONDQ GL ORNDVL SHQHOLWLDQ DGDODK \DQJ EHUDUWL NHXQWXQJDQ \DQJ GLWHULPD 3731 9,,, DIGHOLQJ 5DMDPDQGDOD OHELK EHVDU GDUL NHXQWXQJDQ VRVLDOQ\D VHEHVDU SHUVHQ DWDX NHELMDNDQ SHPHULQWDK \DQJ DGD GDSDW PHQLQJNDWNDQ SURGXNVL NDNDR GL ORNDVL SHQHOLWLDQ 5DVLR 6XEVLGL EDJL 3URGXVHQ 653 \DQJ GLSHUROHK DGDODK \DQJ EHUDUWL EDKZD NHELMDNDQ \DQJ EHUODNX VHODPD LQL PHQ\HEDENDQ 3731 9,,, $IGHOLQJ 5DMDPDQGDOD PHQJHOXDUNDQ ELD\D OHELK UHQGDK VHEHVDU SHUVHQ GDUL ELD\D

(14)

'HQJDQ GHPLNLDQ NHELMDNDQ SHPHULQWDK WHUKDGDS LQSXW GDQ RXWSXW PDXSXQ VXEVLGL WHUKDGDS LQSXW FXNXS HIHNWLI PHOLQGXQJL SHQJXVDKDDQ NDNDR GL 3731 9,,, $IGHOLQJ 5DMDPDQGDOD

3HQJDUXK 3URGXNWLYLWDV +DUJD .DNDR GDQ .XUV 5XSLDK WHUKDGDS 'D\DVDLQJ .DNDR GL 3731 9,,,

$QDOLVLV VHQVLWLYLWDV GLODNXNDQ XQWXN PHQVXEVWLWXVL NHOHPDKDQ PHWRGH 0DWULNV $QDOLVLV .HELMDNDQ \DQJ KDQ\D PHQHUDSNDQ VDWX WLQJNDW KDUJD \DQJ VHEHQDUQ\D VDQJDW EHUYDULDWLI $QDOLVLV VHQVLWLYLWDV MXJD GLODNXNDQ XQWXN PHQMDZDE SHUPDVDODKDQ NHWLJD GDODP SHQHOLWLDQ LQL \DLWX EDJDLPDQD SHQJDUXK SURGXNWLYLWDV KDUJD NDNDR GDQ .XUV 5XSLDK WHUKDGDS GD\DVDLQJ NDNDR GL 3731 9,,, $IGHOLQJ 5DMDPDQGDOD ,QGLNDWRU GD\DVDLQJ SDGD DQDOLVLV VHQVLWLYLWDV VHFDUD XPXP GLVDMLNDQ SDGD 7DEHO

$GDSXQ KDVLO WDEXODVL 0DWULNV $QDOLVLV NHELMDNDQ XQWXN VNHQDULR DSUHVLDVL QLODL WXNDU UXSLDK VHEHVDU SHUVHQ GDSDW GLOLKDW SDGD 7DEHO

3HQJXDWDQ QLODL UXSLDK WHUKDGDS PDWD XDQJ DVLQJ GDODP KDO LQL 86 'ROODU VHEHVDU SHUVHQ DNDQ PHQJDNLEDWNDQ EHUXEDKQ\D KDUJD RXWSXW NDNDR GDQ KDUJD LQSXW NDNDR tradable SDGD KDUJD VRVLDO .RQGLVL LQL WHUQ\DWD PHQJ DNLEDWNDQ SHQJXVDKDDQ NDNDR GL 3731 9,,, $IGHOLQJ 5DMDPDQGDOD PHQMDGL WLGDN PHPLOLNL GD\DVDLQJ GDODP VHJL NHXQJJXODQ NRPSDUDWLIQ\D +DO LQL GDSDW GLOLKDW GDUL QLODL NHXQWXQJDQ VRVLDO \DQJ

EHUQLODL QHJDWLI 5S SHU

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

0DWULNV DQDOLVLV NHELMDNDQ XQWXN VNHQDULR GHSUHVLDVL QLODL WXNDU UXSLDK VHEHVDU SHUVHQ GDSDW GLOLKDW SDGD 7DEHO

3HOHPDKDQ QLODL UXSLDK WHUKDGDS PDWD XDQJ DVLQJ GDODP KDO LQL 86 'ROODU VHEHVDU SHUVHQ DNDQ PHQJDNLEDWNDQ SHQJXVDKDDQ NDNDR GL 3731 9,,, $IGHOLQJ 5DMDPDQGDOD WHWDS PHPLOLNL GD\DVDLQJ EDLN LWX GLQLODL GDUL NHXQJJXODQ NRPSHWLWLI PDXSXQ NRP SDUDWLIQ\D +DO LQL GDSDW GLOLKDW GDUL QLODL 3&5 GDQ '5& \DQJ NXUDQJ GDUL VDWX \DLWX GDQ

(15)

7DEHO ,QGLNDWRU 'D\DVDLQJ SDGD $QDOLVLV 6HQVLWLYLWDV

$VXPVL ,QGLNDWRU

3&5 '5& 13&2 13&, (3& 653 $SUHVLDVL 'HSUHVLDVL 3URGXNVL 0HQXUXQ 3URGXNVL 0HQLQJNDW +DUJD 0HQXUXQ +DUJD 0HQLQJNDW

7DEHO 6NHQDULR $SUHVLDVL 1LODL 5XSLDK 3HUVHQ

.RPSRQHQ 3HQHULPDDQ %LD\D ,QSXW 3URILW

'RPHVWLN )DNWRU

+DUJD 3ULYDW +DUJD (NRQRPL 'LYHUJHQVL

7DEHO 6NHQDULR 'HSUHVLDVL 1LODL 5XSLDK 3HUVHQ

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

PHQHUDSNDQ NRQWDN NHUMDVDPD GHQJDQ QHJDUD LPSRUWLU NDNDR

$QDOLVLV VHQVLWLYLWDV VHODQMXWQ\D DGDODK SHQXUXQDQ SURGXNVL VHEHVDU SHUVHQ 0DWULNV DQDOLVLV NHELMDNDQQ\D GDSDW GLOLKDW SDGD 7DEHO

3HQHWDSDQ VNHQDULR SHQXUXQDQ SUR GXNVL VHEHVDU SHUVHQ GLWHWDSNDQ EHUGDVDUNDQ NHPXQJNLQDQ SHQXUXQDQ SURGXNVL NDNDR VHWHODK XPXU WDQDPDQ PHPDVXNL XVLD WDKXQ +DVLO DQDOLVLV PHQ\DWDNDQ EDKZD NHWLND VNHQDULR LQL WHUMDGL SHQJXVDKDDQ NDNDR GL ORNDVL SHQHOLWLDQ PHQMDGL WLGDN PHPLOLNL GD\DVDLQJ EDLN GDUL NHXQJJXODQ NRPSDUDWLI PDXSXQ NRPSHWLWLIQ\D +DO LQL GDSDW GLOLKDW GDUL QLODL 3&5 GDQ '5&

(16)

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

5S GDQ 5S

3HUDQ GDQ NHELMDNDQ SHPHULQWDK VDQJDW GLSHUOXNDQ XQWXN PHQJDQWLVLSDVL PDVD ODK LQL VDODK VDWXQ\D DGDODK GHQJDQ PHPEHULNDQ VXEVLGL SXSXN tradable

VHGDQJNDQ GDUL SLKDN 3731 9,,, $IGHOLQJ 5DMDPDQGDOD VHQGLUL ELVD GLODNXNDQ SURVHV SHUHPDMDDQ WDQDPDQ NDNDR \DQJ VXGDK WLGDN SURGXNWLI

6NHQDULR SHQLQJNDWDQ SURGXNVL VH EHVDU SHUVHQ MXJD GLODNXNDQ GDODP DQDOLVLV VHQVLWLYLWDV $GDSXQ PDWULNV DQDOLVLV NHELMDNDQQ\D GDSDW GLOLKDW SDGD 7DEHO

3HQHWDSDQ VNHQDULR SHQLQJNDWDQ SURGXNVL VHEHVDU SHUVHQ PHQ\H EDENDQ SHQJXVDKDDQ NRPRGLWDV NDNDR GL ORNDVL SHQHOLWLDQ PHQMDGL OHELK PHPLOLNL GD\DVDLQJ +DO LQL GDSDW GLOLKDW GDUL QLODL 3&5 GDQ '5& \DQJ OHELK PHQGHNDWL QRO

\DLWX GDQ GLEDQGLQJNDQ

NRQGLVL DNWXDO SHQHOLWLDQ 6HODLQ LWX NHXQWXQJDQ SULYDW GDQ VRVLDO GDODP VNHQDULR LQL MXJD PHQLQJNDW PHQMDGL 5S

GDQ 5S

3HUDQ GDQ NHELMDNDQ SHPHULQWDK SDGD NRQGLVL LQL MXJD HIHNWLI PHQLQJNDWNDQ GD\DVDLQJ NDNDR \DQJ WHUFHUPLQ GDUL QLODL (3& \DLWX 6DODK VDWX XSD\D \DQJ GDSDW GLWHPSXK XQWXN PHQFDSDL SHQLQJNDWDQ SURGXNVL DGDODK GHQJDQ SHUHPDMDDQ WDQDPDQ NDNDR GDQ PHODNXNDQ XSD\D SHPEHUDQWDVDQ KDPD VHUWD SHQ\DNLW NDNDR

7DEHO 6NHQDULR 3HQXUXQDQ 3URGXNVL VHEHVDU 3HUVHQ

.RPSRQHQ 3HQHULPDDQ %LD\D ,QSXW 3URILW

'RPHVWLN )DNWRU

+DUJD 3ULYDW +DUJD (NRQRPL 'LYHUJHQVL

7DEHO 6NHQDULR 3HQLQJNDWDQ 3URGXNVL VHEHVDU 3HUVHQ

.RPSRQHQ 3HQHULPDDQ %LD\D ,QSXW 3URILW

'RPHVWLN )DNWRU

+DUJD 3ULYDW +DUJD (NRQRPL 'LYHUJHQVL

(17)

+DUJD NDNDR \DQJ PHQJDODPL IOXNWXDVL PHQGDVDUL SHUOXQ\D GLODNXNDQ DQDOLVLV VHQVLWLYLWDV SHQXUXQDQ GDQ SHQLQJNDWDQ KDUJD NDNDR 7DEHO PHUXSDNDQ PDWULNV DQDOLVLV NHELMDNDQ SHPHULQWDK WHUKDGDS SHQXUXQDQ KDUJD NDNDR VHEHVDU SHUVHQ

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