Test Index

WAEC Agriculture 2018 Paper

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Question : 47

Total: 50

Price

(N)

Quantity demanded

(kg)

From the demand schedule above, what is the percentage change in price?

33.33%
40.00%
50.00%
66.67%

Solution:

Concept:

Percentage change in price is calculated using the formula:

\frac{\text{change in price}}{\text{original price}} \times 100\%

.

Explanation:

Old price

= N12

New price

= N8

Change in price

= 8 - 12 = -4

Percentage change

= \frac{-4}{12} \times 100

\text{Percentage change} = -33.33\%

The negative sign shows a decrease, so the magnitude of the percentage change is

33.33\%

.

Answer:

A.

33.33\%

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