Solve the Problem. -The Price of an Item Is Reduced by 20% in Reduced

question 32

Essay

Solve the problem.

-The price of an item is reduced by 20% in a sale. Two weeks later the price is increased to
20% more than the sale price. Has the item been restored to its original price? If not, is its
price now higher or lower than the original price? Explain.

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Definitions:

GDP

Gross Domestic Product is the total market value of all final goods and services produced within a country in a given period of time.

Real GDP per Person

A measure of a country's economic output that accounts for its number of people, adjusting for inflation to reflect the true purchasing power per individual.

Expenditure

The action of spending funds or an amount of money spent.

Income

Funds that are earned, frequently on a consistent schedule, from labor or investing activities.