Suppose the price of a good increases from $9 to $11. Using the mid-point formula, what is the percentage change in price?
A) −20 percent
B) 25 percent
C) 20 percent
D) 2 percent

Question

Quizplus · Accepted Answer

The mid-point formula for percentage change is [(New Price - Old Price) / ((New Price + Old Price) / 2)] * 100.

Plugging in the values, we get:

[(11-9) / ((11+9) / 2)] * 100
= (2 / 10) * 100
= 20%

Therefore, the percentage change in price is 20%. The correct answer is (C).

Suppose the Price of a Good Increases from $9 to $11