Suppose that 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 calculates the percentage change in price as: [(New Price - Old Price) / ((New Price + Old Price) / 2)] * 100. Plugging in the values: [(15 - 20) / ((15 + 20) / 2)] * 100 = (-5 / 17.5) * 100 ≈ 28.57%. The absolute value is approximately 28%.

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