Question

Find the absolute change and the relative change in the following case.The average sale of a house decreased from $333,000 in February 2008 to $188,000 in February 2013.wwwThe absolute change is(Simplify your answer. Type an integer or a decimal.)

Answer 1

Given:

The average sale of a house decreased from $333,000 in February 2008 to $188,000 in February 2013.

Required:

To find the absolute change and the relative change.

Explanation:

The absolute change is

$\begin{gathered} =188,000-333,000 \\ =-145,000 \end{gathered}$

The relative change is

$\begin{gathered} =100\times(\frac{188,000-333,000}{333,000}) \\ \\ =100\times(-0.4354) \\ \\ =-43.54\% \\ \\ =-44\% \end{gathered}$

Final Answer:

Absolute change = -145,000

Relative change = -43.54%