Suppose that when the price of pineapples goes from $5 to $3 per pineapple,production decreases from 3,500 pineapples per year to 2,000 pineapples.Using the mid-point method,the percentage change in price would be:
A)0.50.
B)50 percent.
C)0.54.
D)54 percent.

Question

Quizplus · Accepted Answer

The percentage change in price using the mid-point method is calculated as: [(New Price - Old Price) / ((New Price + Old Price) / 2)] * 100. Substituting the given values: [(3 - 5) / ((3 + 5) / 2)] * 100 = (-2 / 4) * 100 = -50 percent. The absolute value is 50 percent.

Suppose That When the Price of Pineapples Goes from $5