Answer:
A) What was the absolute change from 1970 to 1990?
in 1970 we had $87.32
in 1990 we had $283.16
The absolute change is the direct difference:
$283.16 - $87.32 = $195.84
B) What was the relative change from 1970 to 1990?
Now we need to compare this with the initial value:
Relative change = 100%*(final value - initial value)/initial value.
Relative change = 100%*$195.84/$87.32 = 223.93%
C) What was the absolute change from 1995 to 2000?
in 1995 the price was $351.94
in 2000 the price was $349.69
The absolute change is:
$349.69 - $351.94 = -$2.25
The negative sign means the obvious thing, the price decreased.
D) What was the relative change from 1995 to 2000?
Relative change = 100%*(-$2.25)/($351.94) = -0.64%
