A total of 12,000kg of maize was demanded at N20 per kg while 8,000kg of it was demanded at N30 per kg. What is the percentage change in quantity demanded?

Answer Details

To find the percentage change in quantity demanded, we need to calculate the difference between the initial quantity demanded and the final quantity demanded, divide that difference by the initial quantity demanded, and then multiply the result by 100%. The initial quantity demanded is 12,000kg, and the final quantity demanded is 8,000kg. Therefore, the difference is: 12,000kg - 8,000kg = 4,000kg To calculate the percentage change, we divide the difference by the initial quantity and multiply by 100%: (4,000kg / 12,000kg) x 100% = 33.33% Therefore, the answer is 33%. The percentage change in quantity demanded is a decrease of 33.33%. To further explain, the question is asking for the percentage change in the quantity of maize demanded. From the information given, we know that 12,000kg was demanded at N20 per kg and 8,000kg was demanded at N30 per kg. This means that the demand for maize decreased from 12,000kg to 8,000kg, which is a difference of 4,000kg. To find the percentage change, we divide this difference by the initial quantity demanded (12,000kg) and multiply by 100% to get the percentage change, which is 33.33%. This means that the quantity of maize demanded decreased by 33.33% due to the change in price.