Price (N) Quantity demanded (kg) 12 200 8 240 From the demand schedule above, what is the percentage change in price?
Question 1 Report
| Price (N) |
Quantity demanded (kg) |
| 12 | 200 |
| 8 | 240 |
From the demand schedule above, what is the percentage change in price?
Answer Details
To calculate the percentage change in price, we can use the formula:
percentage change = ((new value - old value) / old value) x 100
In this case, the old value is the initial price of 12 Naira and the new value is the reduced price of 8 Naira.
Using the formula, we get:
percentage change = ((8 - 12) / 12) x 100
percentage change = (-4 / 12) x 100
percentage change = -0.33 x 100
percentage change = -33.33%
Therefore, the percentage change in price is -33.33%, which represents a 33.33% decrease from the initial price.
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