Final answer:
Using the mid-point formula, the percentage change in quantity supplied when it increases from 16 to 24 is calculated as 40%.
Step-by-step explanation:
The student asked for the percentage change in quantity supplied using the mid-point formula when quantity supplied increases from 16 to 24.
The mid-point formula for calculating the percentage change in quantity supplied is: ((Q2 - Q1) / ((Q2 + Q1) / 2)) × 100%, where Q1 is the initial quantity and Q2 is the new quantity.
Therefore, inserting the values we get: ((24 - 16) / ((24 + 16) / 2)) × 100% = (8 / 20) × 100% = 40%. This means the percentage change in quantity supplied is 40%.