Percentages

[pedersen]

I have the folloiwng problem
What is the percent of change from prior year to current year?
prior year $23,268
current year $33,500

How do I figure this?

 

[tkhunny]

Calculate the difference. 33500 - 23268 = Q
Divide the difference by where you started. Q / 23268 = The Decimal equivalent of the percent increase.

 

[pedersen]

I thought you'd do the opposite-

take the prior year - current year, 23,268-33,500 = -10232 div. by 23268 and hit the % key for 43.97% increase

 

[Mrspi]

I thought you'd do the opposite-

take the prior year - current year, 23,268-33,500 = -10232 div. by 23268 and hit the % key for 43.97% increase

It's a free country....you're free to think whatever you want.

Personally, it seems better to take the advice of someone who knows what they're talking about. After all, I suspect that you wouldn't have come here looking for help if you KNEW your way was correct.

 

[pedersen]

I just wanted to show what I was thinking, obviously I have it turned around....BE NICE!

 

[tkhunny]

If you want to knw the change from SOMETHING, then you had better get SOMETHING in the denominator.

If you want to know the change from SOMETHING, you must subtract SOMETHING from what you have.

No worries. It is very common to be switched about.

 

[Loren]

I have the folloiwng problem
What is the percent of change from prior year to current year?
prior year $23,268
current year $33,500

How do I figure this?

Another approach...

Recent value divided by original value minus 1 which gives you a decimal. Change that to a percent.

33500 ÷ 23268 - 1 = 0.4397... = 43.97%

Check: 43.97% X 23268 = 10232
23268 + 10232 = 33500.

 

[productive]

A retailer wants to sell a popular doll for Christmas for $49.99. If she uses a 30% markup on COST, how much can she afford to pay for the doll? (use $ sign, nearest cent including .00 if needed, decimal point, no spaces)

 

[masters]

A retailer wants to sell a popular doll for Christmas for $49.99. If she uses a 30% markup on COST, how much can she afford to pay for the doll? (use $ sign, nearest cent including .00 if needed, decimal point, no spaces)

Hi productive,

You might want to start a new thread each time you have a new problem.
Otherwise, it could get lost in a long thread like this one.

49.99 = Selling price

C = Cost

30% C = Mark up

Cost + Markup = Selling Price

C + .30C = 49.99

 

[tkhunny]

There are always 2 ways to do "Markup". If your problem or problem statement are not VERY clear, you must ask or clearly disclose your assumptions.

A very common practice is Markup as a percent of Cost. This was demonstrated above. This has no theoretical maximum.

Another rather common practice is Markup as a percent of Price. This is:

$49.99 = Selling Price (SP)
$49.99 * 0.20 = 20% of SP = $9.9989 ==>$10.00
Maximum Cost = Selling Price less Markup = $49.99 - $10.00 = $39.99

This "markup" cannot exceed unity.

 

[BigGlenntheHeavy]

pedersen wrote:
I have the folloiwng problem
What is the percent of change from prior year to current year?
prior year $23,268
current year $33,500

How do I figure this?

\(\displaystyle \frac{\$23,268}{\$33,500} \ = \ .694567... \ = \ 69.45 \%\)

\(\displaystyle In \ other \ words, \ there \ was \ an \ increase \ of \ 69.45 \% \ in \ one \ year.\)

 

[Denis]

Hey, where you been BigG...standing in the corner?

 

[mmm4444bot]

-10232 div. by 23268 and hit the % key for 43.97%

If your calculator displays 0.4397 for -10232/23268, you better buy a new one.

 

[mmm4444bot]

Another way to think of percent of change: it equals the rate r.

Ending = Starting(1 + r)

We have

33500 = 23268(1 + r)

33500 = 23268 + 23268r

33500 - 23268 = 23268r

(33500 - 23268)/23268 = r ? NOTE: This matches tkhunny's explanation.

r = 0.4397

In other words, to change 23268 into 33500, we need the change to be 43.97% of 23268.

So, in this exercise, "percent of change" means changing the starting value by a percentage from itself.

(If the ending value is less than the starting value, that's when the percent of change is negative -- since we need to subtract from the starting number.)

 

[mmm4444bot]

There are always 2 ways to do "Markup" … Markup as a percent of Cost … Markup as a percent of Price

True, true. But productive's exercise only jives with the former way.



[Selling Price] "markup" cannot exceed unity.

Oh, I'm not sure about that.

What if the retailer is Halliburton, and the United States government is the customer (that is, a customer who subsidizes the retailer's suppliers, too).



you must ask or clearly disclose your assumptions

Not possible (generally), when learning from a machine-teacher.

use $ sign, nearest cent including .00 if needed, decimal point, no spaces

Spoken like a true machine-teacher.

 

[tkhunny]

\(\displaystyle In \ other \ words, \ there \ was \ an \ increase \ of \ 69.45 \% \ in \ one \ year.\)

?? Or not...