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?
To calculate the percentage change in quantity demanded, we use the formula:
\(\text{Percentage Change} = \frac{\text{New Quantity} - \text{Old Quantity}}{\text{Old Quantity}} \times 100\)
Old Quantity: \(12,000 \, \text{kg}\) (at N20 per kg)
New Quantity: \(8,000 \, \text{kg}\) (at N30 per kg)
The change in quantity:
\(\text{Change} = 8,000 - 12,000 = -4,000 \, \text{kg}\)
\(\text{Percentage Change} = \frac{-4,000}{12,000} \times 100 = -33.33\%\)
The percentage change in quantity demanded is \(-33.33\%\). This indicates a decrease in quantity demanded.
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