Answered

Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Ask your questions and receive accurate answers from professionals with extensive experience in various fields on our platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Suppose that when the price of gasoline is $3 per gallon, the total amount of gasoline purchased in the united states is 8 million barrels per day. also suppose that when the price of gas decreases to $2.25 per gallon, the total amount of gasoline purchased is 12 million barrels per day. based on these numbers and using the midpoint formula, the percentage change in the quantity demanded is:

Sagot :

abiolataiwo2015

Assuming  the total amount of gasoline purchased is 12 million barrels per day. The percentage change in the quantity demanded is: 50%.

Percentage change in the quantity demanded

Using this formula

Percentage change in quantity demanded= (Total amount of gasoline purchased- total amount of gasoline purchased in united states)/ Total amount of gasoline purchased in united states×100

Let plug in the formula

Percentage change in quantity demanded=(12 - 8) / 8

Percentage change in quantity demanded =4/8×100

Percentage change in quantity demanded=50%

Inconclusion  the percentage change in the quantity demanded is: 50%.

Learn more about  percentage change in the quantity demanded here:https://brainly.com/question/25364127

We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.