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

Question

Quizplus · Accepted Answer

The mid-point formula for percentage change is [(new value - old value) / ((new value + old value) / 2)] * 100. Applying this: [(13 - 27) / ((13 + 27) / 2)] * 100 = (-14 / 20) * 100 = -70%. The absolute value is 70%.

Suppose Price Decreases from $27