Question

In anticipation of a major hurricane hitting the Gulf Coast, the quantity gasoline of sales rise from 360 million gallons to 375 million gallons. Based on this information, what is the percent change in gasoline sales? Please specify your answer to one decimal place and use the midpoint formula.

Answer 1

Answer:

The percent change in gasoline sales is 4.1%

Explanation:

The computation of the percentage change in gasoline sales by using the midpoint formula is shown below:

= (New sales of a gallon - old sales of a gallon) ÷ (New sales of gallon + old sales of a gallon) ÷ 2 × 100

= ($375 million - $360 million) ÷ ($375 million + $360 million) ÷ 2 × 100

= ($15 million ÷ $367.50 million) × 100

= $4.1%