What happen when their is decrease in equilibrium price and increase in equilibrium quantity
1 answer:
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Check the picture below.
Let us say the original price of taco before tip was x dollars.
Percentage of tip given =25 %
Amount of tip given = $2
Now we can say that 25 % of total amount = 2 dollars.
Making an equation,
Now we have to solve for x, so dividing both sides by 0.25,
x= 8
Answer : The original price of tacos before tip was $8.