Supply and Demand Quiz

Price Change Equation

• The change in price ($\Delta p$) is represented by the equation: $\Delta p = p_2 - p_1$, where $p_2$ is the new price and $p_1$ is the original price.

Percentage Change in Quantity

• The percentage change in quantity ($\epsilon$) is represented by the equation: $\epsilon = (\Delta q / q_1) * 100$, where $\Delta q$ is the change in quantity and $q_1$ is the original quantity.

Value of Δq

• The value of $\Delta q$ can be calculated using the equation: $\Delta q = q_2 - q_1$, where $q_2$ is the new quantity and $q_1$ is the original quantity.

Value of Δp when q = 120

• To find the value of $\Delta p$ when $q = 120$, you need the equation relating price and quantity. Since this equation isn't provided, the value of $\Delta p$ cannot be determined.

Value of p when q = 40

• To find the value of $p$ when $q = 40$, you need the equation relating price and quantity. Since this equation isn't provided, the value of $p$ cannot be determined.