The law of supply states, things remaining equal, an increase in price results in an increase in quantity supplied. The direct relation which is between the price and quantity.
Therefore, when the price of wood increases, then the producers increases the quantity which is produced as they are willing to sell more at a higher price. Each group might respond to the change in price in that, the law of demand states that all things are equal. A decrease in a quantity leads to an increase in price which is demanded. The existence in an inverse relation which is between price and quantity. When the demand for good increases the consumer demand decreases.
The impact would make producers pay more increasing the pay of the workers and uping the price of the product. It would also slow the buying of wooden projects because of the Increase of price.
Percentage is the ratio of the actual yield to theoretical yield as a percentage. It is calculated by dividing the actual yield by theoretical yield then multiplying by 100%.
Calculation of percentage yield is important as it helps in the determination of efficiency of a reaction. For example in most industries for the purpose of making the most product with the least waste.
Additionally, calculating the percentage yield helps in determining other products that may be formed during the reactions.
