Recall the Application about the increase in Chinese demand for pecans to answer the following question(s). Between 2006 and 2009, Chinese imports of U.S. pecans increased from 9 million pounds per year to 88 million pounds per year, and as a result of the increase in demand, the equilibrium price increased by about 50 percent. The increase in demand was caused in part by widespread reports in the Chinese media extolling the health benefits of pecans.
-According to this Application, between 2006 and 2009, Chinese demand for pecans increased by roughly ________ percent.

Question

Quizplus · Accepted Answer

The increase from 9 million pounds to 88 million pounds is an increase of 79 million pounds. To find the percentage increase, divide the increase by the original amount (79/9) and multiply by 100, which equals approximately 877.8 percent.

Recall the Application About the Increase in Chinese Demand for Pecans