Question 59
Basic Agricultural EconomicsThe table below shows the supply schedule for soyabean by three producers.
Price per kg (₦) / Adamu (kg) / Koffi (kg) / Koroma (kg):
5,000.00: 37,500.00; 22,500.00; 17,500.00
4,000.00: 35,000.00; 20,000.00; 15,000.00
3,000.00: 30,000.00; 15,000.00; 10,000.00
2,000.00: 20,000.00; 10,000.00; 5,000.00
1,000.00: 5,000.00; 2,000.00; 1,000.00
Calculate the percentage change in the total quantity supplied if the price decreases from ₦5,000.00 per kg to ₦3,000.00 per kg.
- A.85%.
- B.71%.
- C.41%.
- D.29%.
Show the answer and explanation
Answer: D (29%.)
Explanation
Total at ₦5,000 = 77,500 kg; at ₦3,000 = 55,000 kg. Change = 22,500 ÷ 77,500 × 100 ≈ 29%.