If the price of a commodity increases from $50 to $60, what is the percentage in

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Question: If the price of a commodity increases from $50 to $60, what is the percentage increase in price?

Options:

Correct Answer: 20%

Solution:

Percentage increase = ((60 - 50) / 50) * 100 = 20%

If the price of a commodity increases from $50 to $60, what is the percentage increase in price?

If the price of a commodity increases from $50 to $60, what is the percentage increase in price?

Step 1: Identify the original price of the commodity, which is $50.
Step 2: Identify the new price of the commodity, which is $60.
Step 3: Calculate the difference in price by subtracting the original price from the new price: 60 - 50 = 10.
Step 4: Divide the difference in price (10) by the original price (50): 10 / 50 = 0.2.
Step 5: Convert the result from Step 4 into a percentage by multiplying by 100: 0.2 * 100 = 20%.
Step 6: The percentage increase in price is 20%.

Percentage Increase – The calculation of how much a value has increased in relation to its original value, expressed as a percentage.