To determine the percent of change, we first need to calculate the change in value and then use that to find the percentage change based on the original value.
Question 1
- Original Value: $558 (cost to produce)
- New Value: $1499 (selling price)
The change in value can be calculated as follows: \[ \text{Change} = \text{New Value} - \text{Original Value} = 1499 - 558 = 941 \]
Now, we can set up the proportion for calculating percent of change: \[ \text{Percent of Change} = \left( \frac{\text{Change}}{\text{Original Value}} \right) \times 100 \]
Question 2
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Substituting values into the formula: \[ \text{Percent of Change} = \left( \frac{941}{558} \right) \times 100 \]
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Calculating the fraction: \[ \frac{941}{558} \approx 1.6846 \]
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Now multiply by 100 to find the percent: \[ 1.6846 \times 100 \approx 168.46 \]
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Rounding to the nearest whole percent: \[ \text{Percent of Change} \approx 168% \]
Final Answers:
- Percent of Change: 168% (rounded to the nearest whole percent).