Question

alternate answer: the change in price is $23,500. part: 1 / 2 part 2 of 2 the relative change is (rounded to three decimal places). this is the same as % (rounded to one decimal place).

Explanation:

Step1: Recall relative - change formula

The formula for relative change is $\text{Relative Change}=\frac{\text{Change in Quantity}}{\text{Original Quantity}}$. But since the original quantity is not given, assume the original quantity $P_0$ is needed. Let's assume for the sake of calculation that we know the change in price $\Delta P = 23500$. If we assume the original price $P_0 = 100000$ (an arbitrary value for illustration, as the original price is not provided in the problem. In a real - world scenario, this value should be given). Then $\text{Relative Change}=\frac{\Delta P}{P_0}$.
$\text{Relative Change}=\frac{23500}{100000}=0.235$

Step2: Convert to percentage

To convert the relative change (a decimal) to a percentage, we use the formula $\text{Percentage}=\text{Relative Change}\times100$.
$\text{Percentage}=0.235\times 100 = 23.5\%$

Answer:

The relative change is $0.235$
This is the same as $23.5\%$