WAEC - Economics (2014 - No. 25)
Due to an increase in price, a seller increases the quantity offered for sale from 400 units to 450units. What is the percentage change in quantity supplied?
1 %
7.5%
12.5%
20%
Explanation
Percentage change in quantity supplied = \(\frac{(New Value - Old Value)}{Old Value}\) x 100%
New value = 450 units and old value = 400 units.
percentage change in quantity supplied = \(\frac{450 - 400}{400}\) x 100% = 12.5%
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