Suppose price decreases from $27.00 to $13.00. Using the mid-point formula, what is the percentage change in price?
A) −0.35 = −35 percent
B) −0.7 = −70 percent
C) 0.7 = 70 percent
D) 0.14 = 14 percent.

Question

Quizplus · Accepted Answer

The mid-point formula for percentage change is [(New Price - Old Price) / ((New Price + Old Price) / 2)] * 100. Substituting the given values: [(13 - 27) / ((13 + 27) / 2)] * 100 = [-14 / 20] * 100 = -70%.

Suppose Price Decreases from $27