Suppose the price of e-books is initially $20 but decreases to $15.The absolute value of the percentage change in price (by the midpoint method)is approximately _____%.
A)28
B)10
C)5
D)15

Question

Quizplus · Accepted Answer

The midpoint method for calculating percentage change uses the formula: [(New Value - Old Value) / ((New Value + Old Value) / 2)] * 100. Here, it's [(15 - 20) / ((15 + 20) / 2)] * 100 = (-5 / 17.5) * 100 ≈ -28.57%. The absolute value is approximately 28%.

Suppose the Price of E-Books Is Initially $20 but Decreases