Calculate the percentage change of the variable in each of the following cases. Then calculate the percentage change if the movement is occurring in the opposite direction, with what was the final value now the initial value and vice versa. Now calculate a comparable percentage change using the average of the initial and ending values. Express all three changes in absolute value form without positive or negative signs and as whole numbers (i.e. 67%, not 66.6%). a. A fast-food restaurant, which originally sold hamburgers at a price of $1, increases their price to $2. The absolute value of this percentage change is %, and the absolute value of the percentage change calculated using the average of the two values is 0.5 %, the absolute value of the percentage change in the opposite direction is %. b. The number of autos sold monthly at a car dealership drops from 150 to 50. The absolute value of this percentage change is %, and the absolute value of the percentage change calculated using the average of the two values is %, the absolute value of the percentage change in the opposite direction is 1%. C. The monthly fee for unlimited texting charged by a cellphone service provider falls from $5 to $4. The absolute value of this percentage change is %, and the absolute value of the percentage change calculated using the average of the two values is %, the absolute value of the percentage change in the opposite direction is %. d. The number of copies of a small-town newspaper purchased weekly rises from 1,000 to 1,50O. The absolute value of this percentage change is %, and the absolute value of the percentage change calculated using the average of the two values is %, the absolute value of the percentage change in the opposite direction is %.
Calculate the percentage change of the variable in each of the following cases. Then calculate the percentage change if the movement is occurring in the opposite direction, with what was the final value now the initial value and vice versa. Now calculate a comparable percentage change using the average of the initial and ending values. Express all three changes in absolute value form without positive or negative signs and as whole numbers (i.e. 67%, not 66.6%). a. A fast-food restaurant, which originally sold hamburgers at a price of $1, increases their price to $2. The absolute value of this percentage change is %, and the absolute value of the percentage change calculated using the average of the two values is 0.5 %, the absolute value of the percentage change in the opposite direction is %. b. The number of autos sold monthly at a car dealership drops from 150 to 50. The absolute value of this percentage change is %, and the absolute value of the percentage change calculated using the average of the two values is %, the absolute value of the percentage change in the opposite direction is 1%. C. The monthly fee for unlimited texting charged by a cellphone service provider falls from $5 to $4. The absolute value of this percentage change is %, and the absolute value of the percentage change calculated using the average of the two values is %, the absolute value of the percentage change in the opposite direction is %. d. The number of copies of a small-town newspaper purchased weekly rises from 1,000 to 1,50O. The absolute value of this percentage change is %, and the absolute value of the percentage change calculated using the average of the two values is %, the absolute value of the percentage change in the opposite direction is %.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Calculate the percentage change of the variable in each of the following cases. Then calculate the percentage change if the
movement is occurring in the opposite direction, with what was the final value now the initial value and vice versa. Now calculate a
comparable percentage change using the average of the initial and ending values. Express all three changes in absolute value form without
positive or negative signs and as whole numbers (i.e. 67%, not 66.6%).
a. A fast-food restaurant, which originally sold hamburgers at a price of $1, increases their price to $2.
The absolute value of this percentage change is
%, and the absolute value of the percentage change calculated using the average of the two values is
0.5 %, the absolute value of the percentage change in the opposite direction is
| %.
b. The number of autos sold monthly at a car dealership drops from 150 to 50.
The absolute value of this percentage change is
%, and the absolute value of the percentage change calculated using the average of the two values is
%, the absolute value of the percentage change in the opposite direction is
%.
C. The monthly fee for unlimited texting charged by a cellphone service provider falls from $5 to $4.
The absolute value of this percentage change is
%, and the absolute value of the percentage change calculated using the average of the two values is %.
%, the absolute value of the percentage change in the opposite direction is
d. The number of copies of a small-town newspaper purchased weekly rises from 1,000 to 1,50O.
The absolute value of this percentage change is
%, and the absolute value of the percentage change calculated using the average of the two values is
%, the absolute value of the percentage change in the opposite direction is
%.
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