Question

The price of gasoline dropped from $2.76 to $2.44 after the holidays. Find the absolute and relative change in the price of gas.

Answer 1

The relative change is -13.11% and absolute change is $0.32

Explanation:

Relative Change:

Given

Initial Value = $2.76

Final Value = $2.44

Relative change is given by the formula:

`Relative\ change= (Final\ value-Initial\ Value)/(Initial\ Value) * 100`

Putting the values

`Relative\ change = (2.44-2.76)/(2.44) * 100\\=(-0.32)/(2.44) * 100\\=-0.1311*100\\=-13.11\%`

Absolute Change:

Absolute change is given by:

`Absolute\ Change = |Final\ Value - Initial\ Value|\\= |2.44-2.76|\\= |-0.32|\\= 0.32`

Hence,

The relative change is -13.11% and absolute change is $0.32