Microeconomics
2nd Edition
ISBN: 9781259813337
Author: KARLAN, Dean S., Morduch, Jonathan
Publisher: Mcgraw-hill Education,
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Question
Chapter C, Problem 1PA
To determine
(a)
To calculate:
The percentage change from 8 to 12 using the mid-point method.
Expert Solution
Answer to Problem 1PA
The percentage change from 8 to 12 is 80%.
Explanation of Solution
The midpoint formula computes percentage changes by dividing the change by the average value.
Percentage change is calculated as follows:
To determine
(b)
To calculate:
The percentage change in 18 to 14 using the mid-point method.
Expert Solution
Answer to Problem 1PA
Quantity is decreased by '25%'.
Explanation of Solution
Percentage change can be calculated as follows:
To determine
(c)
To calculate:
The percentage change in 130 to 120 using the mid-point method.
Expert Solution
Answer to Problem 1PA
Quantity is decreased by '8%'.
Explanation of Solution
Percentage change can be calculated as follows:
To determine
(d)
To calculate:
The percentage change in 95 to 105 using the mid-point method.
Expert Solution
Answer to Problem 1PA
Quantity is increased by 10%.
Explanation of Solution
Percentage change can be calculated as follows:
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