Measurements Are Made at Two Different Times $\$ 32,000$ Percentage Change: 57

question 179

Multiple Choice

Measurements are made at two different times. Find the absolute change and then find the percentage change. Roundanswers to the nearest tenth if necessary.
-Two years ago I earned $88,000. Last year I earned $56,000.

• A) Absolute change: \(\$ 32,000\)
• Percentage change: 57.1\%
• B) Absolute change: \(\$ - 32,000\)
• Percentage change: \(- 36.4 \%\)
• C) Absolute change: \(\$ 32,000\)
• Percentage change: \(36.4 \%\)
• D) Absolute change: \(\$ - 32,000\)
• Percentage change: \(- 57.1 \%\)

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Definitions:

Yearly Licensing Fee

An annual charge paid to obtain the rights to use a particular piece of intellectual property, software, or other specific products/services.

Market Price

The ongoing rate at which an asset or service is offered for buying or selling in a certain market.

Short Run

A period in economics during which at least one input or resource is fixed, limiting immediate capacity adjustments.

Zero Economic Profit

A condition in which a firm's total revenue equals its total costs, implying normal profit but no excess profit over what is considered normal in the industry.