Question

Philip sells homegrown heirloom tomatoes at a local farmer's market. Suppose for the past several weeks, Philip has been selling his tomatoes for $2.25 per pound and he has been selling 90 pounds of tomatoes each week. Suppose this week he drops the price of the tomatoes to $1.75 per pound and as a result of the price drop, he is stilling 110 pounds of tomatoes. (a) Using the midpoint rule, what is the percentage change in the quantity of tomatoes sold from the drop in price?

Answer 1

The percentage change in the quantity of tomatoes sold due to the price decrease, calculated using the midpoint rule, is 20%.

Step-by-step explanation:

To calculate the percentage change in the quantity of tomatoes sold as a result of the drop in price using the midpoint rule, we follow these steps:

• Determine the initial quantity (Q1): Philip originally sold 90 pounds per week.
• Determine the new quantity (Q2): Philip now sells 110 pounds per week.
• Calculate the midpoint (average) quantity: (Q1 + Q2) / 2 = (90 + 110) / 2 = 100 pounds.
• Calculate the change in quantity: Q2 - Q1 = 110 - 90 = 20 pounds.
• Calculate the percentage change: (Change in quantity / Midpoint quantity) × 100 = (20 / 100) × 100 = 20%.

The percentage change in the quantity of tomatoes sold due to the price drop is 20%.