Suppose when the price of coffee beans goes from $1 to $1.20 per pound,production increases from 90 million pounds of coffee beans to 110 million pounds per year.Using the mid-point method,the percentage change in quantity supplied is:
A) 20 percent
B) 18 percent
C) 0.6
D) 6.0

Question

Quizplus · Accepted Answer

The percentage change in quantity supplied using the mid-point method is calculated as [(110 - 90) / ((110 + 90) / 2)] * 100 = 20 percent.

Suppose When the Price of Coffee Beans Goes from $1