Question

Find the absolute change and the relative change in the following case.The average sale of a house decreased from $319,000 in February 2008 to $167,000 in February 2013.The absolute change is ?(Simplify your answer. Type an integer or a decimal.)The relative change is % ?(Type an integer or decimal rounded to the nearest tenth as needed.)

Answer 1

Absolute value

I Final value - Initial value I = I $167,000 - $319,000 I = $152,000

The absolute change is: $152,000

Relative Change

(Absolute value / Initial value) x 100

($152,000/ 319,000)x 100 (Replacing the values)

(0.476)x100 (Dividing)

47.6 % (Multiplying)

The relative change is: 47.6 % (Rounding to the nearest tenth)