Suppose the revenues from citrus increased by 38% and the price increased by 56%.Calculate the percentage change in quantity demanded.
A)68%
B)21%
C)-21%
D)-68%

Question

Quizplus · Accepted Answer

The percentage change in quantity demanded can be calculated using the formula: % change in quantity demanded = % change in revenue - % change in price.

% change in revenue = 38%
% change in price = 56%
Therefore, % change in quantity demanded = 38% - 56% = -18%

Since the change is negative, it means that the quantity demanded has decreased.

Hence, the correct answer is D.

Suppose the Revenues from Citrus Increased by 38% and the Price