Answer: 18.18% decease
Explanation:
The Midpoint formula uses the average Price (as denominator) to calculate the change in price instead of the original price by the following formula;
% Decrease in price = Change in price / Average price
= (50 - 60) / ((60 + 50)/2)
= -10 / (55)
= -0.1818
= -18.18%
Using the midpoint formula, a decrease in price from $60 to $50 per bathing suit represents an 18.18% decrease in price.
Using the midpoint formula, a decrease in price from $60 to $50 per bathing suit represents a 18.18% decrease in price.
It calculates the percentage change in price of a good by dividing change in price to the average price of the good.
Following is the formula
% Decrease in price = Change in price / Average price
Solution:
old price = 60, new price = 50, Change in price = -10
⇒ (50 - 60) / ((60 + 50)/2)
⇒ -10 / (55)
⇒ -0.1818
⇒ -18.18%
Hence, by using the midpoint formula, we can say that bathing suit represents a -18.18% decrease in price.
Learn More about The Midpoint Formula here:
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