Answer to Question #332603 in Microeconomics for Kammy

Question

 The price of spring water rises from $1.90 to $2.10 a bottle, and the quantity demanded decreases from 11 million to 9 million bottles a week.

1a.  Calculate the percentage change in the price of spring water

Answer 1

$∆\eta=(\frac{p_2}{p_1}-1)\cdot 100\%=10.5\%.$