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(C) Let the original price of the product be $P$ and the original quantity sold be $Q$. The original revenue is $R_1 = P 	imes Q$.After a $10 \%$ dec

Vedclass · Accepted Answer

$17$

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(C) Let the original price of the product be $P$ and the original quantity sold be $Q$. The original revenue is $R_1 = P 	imes Q$.After a $10 \%$ decrease in price,the new price is $P' = P - 0.10P = 0.90P$.After a $30 \%$ increase in quantity sold,the new quantity is $Q' = Q + 0.30Q = 1.30Q$.The new revenue is $R_2 = P' 	imes Q' = (0.90P) 	imes (1.30Q) = 1.17PQ = 1.17R_1$.The percentage change in revenue is $\frac{R_2 - R_1}{R_1} 	imes 100 = \frac{1.17R_1 - R_1}{R_1} 	imes 100 = 0.17 	imes 100 = 17 \%$.Alternatively,using the net percentage change formula: $	ext{Net Change} = a + b + \frac{ab}{100} = -10 + 30 + \frac{(-10)(30)}{100} = 20 - 3 = 17 \%$.

When the price of a product was decreased by $10 \%$,the number sold increased by $30 \%$. What was the effect on the total revenue (in $\%$)?

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