Suppose price increases from $7.00 to $13.00. Using the mid-point formula, what is the percentage change in price?
A) −0.6 = −60 percent
B) 0.6 = 60 percent
C) 0.7 = 70 percent
D) 1.30 = 130 percent

Question

Quizplus · Accepted Answer

The mid-point formula for percentage change is [(new value - old value)/((new value + old value)/2)] x 100%. Plugging in the values given, we get [(13 - 7)/((13+7)/2)] x 100% = 6/10 x 100% = 60%. Therefore, the answer is B.

Suppose Price Increases from $7