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@asadmehmood
Thank you for the above attempt! =)
One doubt:
The original price is $12 and the original quantity demanded is 4000 units.
The new price is an unknown X (which we need to calculate) and the new quantity demanded is 20 000 units.
Why is it that you used the original price of $12 in the denominator when calculating % change in P and yet the new Qd of 20 000 in the denominator when calculating the % change in Qd (instead of the original 4000 units)?
Thank you for the above attempt! =)
One doubt:
The original price is $12 and the original quantity demanded is 4000 units.
The new price is an unknown X (which we need to calculate) and the new quantity demanded is 20 000 units.
Why is it that you used the original price of $12 in the denominator when calculating % change in P and yet the new Qd of 20 000 in the denominator when calculating the % change in Qd (instead of the original 4000 units)?
Obviously a typo, Nibz. He meant: 4000 - 20 000 there.Nibz said:4000 - 20 0000 / 20 000 = 0.8? Are you serious?