Question : The price of a product decreases from INR 100 to INR 80 per unit, resulting in an increase in quantity demanded from 50 units to 70 units. Calculate the percentage change in price.
Option 1: -20%
Option 2: -25%
Option 3: -33.33%
Option 4: -50%
Answer (1)
24th Jan, 2024
Correct Answer: -20%
Solution : The correct answer is (a) -20%
Initial Price = ₹100 per unit
New Price = ₹80 per unit
Using the formula, we can calculate the percentage change in price:
Percentage Change in Price = [(New Price - Initial Price) / Initial Price] * 100
= [(₹80 - ₹100) / ₹100] * 100
= [(-₹20) / ₹100] * 100
= -20%
The percentage change in price is -20%
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