price of a product of a company increase by 10% and the turn over increase by 10%,what is the change in quantity sold??
Answers
Answer:
no change in the quantity of product sold
Step-by-step explanation:
same quantity of product sold .as the price increased by 10% simultaneously the turn over increases by 10%
Given:
Increase in price=10%
Increase in turnover=10%
To find:
The change in quantity sold
Solution:
There is a 0% change in the quantity sold.
We can find the change by following the given steps-
We know that the turnover is the product of the quantity sold and the price of the product.
Let the price of the product be Rs.10 and the quantity sold is 100 units.
Turnover of the product=Price×Quantity
=10×100
=Rs.1,000
Now, we know that there is a 10% increase in the price and turnover of the product.
The increased price=10+10% of 10
=10+10/100×10
=10+1
=Rs.11
Also, the increased turnover=1,000+10% of 1,000
=1,000+10/100×1,000
=1,000+100
=Rs.1,100
Now, the new turnover=new price×quanity sold
On putting the values,
1,100=11×quanity sold
1,100/11=quanity sold
100=quanity sold
The quantity sold has remained the same as 100 units.
So, there is no change in the quantity sold of the product.
Therefore, there is a 0% change in the quantity sold.