Based on the example in the textbook, the calculation below is of a leveraged firm.
DOL = $\frac{\text {Percent change in operating income }}{\text {Percent change in unit volume }}$ = $\frac { \frac { \$ 8,000 } { \$ 20,000 } \times 100 } { \frac { 20,000 } { 80,000 } \times 100 }$ = $\frac { 40 \% } { 25 \% }$ = 1.6

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The calculation provided is for the Degree of Operating Leverage (DOL), which measures how a company's operating income changes with a change in sales volume, not specifically whether a firm is leveraged or unleveraged. The concept of leverage here refers to operating leverage rather than financial leverage (debt).

Based on the Example in the Textbook, the Calculation Below Percent change in operating income Percent change in unit volume \frac{\text {Percent change in operating income }}{\text {Percent change in unit volume }}Percent change in unit volume Percent change in operating income ​

Based on the Example in the Textbook, the Calculation Below $\frac{\text {Percent change in operating income }}{\text {Percent change in unit volume }}$