Open Question
The price of Clutch Pizza was originally \$12. Clutch decides that everyone deserves more pizza and lowers the price to \$10. Calculate the percentage change in the price of Clutch Pizza.
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Table of contents
- 0. Basic Principles of Economics1h 5m
- Introduction to Economics3m
- People Are Rational2m
- People Respond to Incentives1m
- Scarcity and Choice2m
- Marginal Analysis9m
- Allocative Efficiency, Productive Efficiency, and Equality7m
- Positive and Normative Analysis7m
- Microeconomics vs. Macroeconomics2m
- Factors of Production5m
- Circular Flow Diagram5m
- Graphing Review10m
- Percentage and Decimal Review4m
- Fractions Review2m
- 1. Reading and Understanding Graphs59m
- 2. Introductory Economic Models1h 10m
- 3. The Market Forces of Supply and Demand2h 26m
- Competitive Markets10m
- The Demand Curve13m
- Shifts in the Demand Curve24m
- Movement Along a Demand Curve5m
- The Supply Curve9m
- Shifts in the Supply Curve22m
- Movement Along a Supply Curve3m
- Market Equilibrium8m
- Using the Supply and Demand Curves to Find Equilibrium3m
- Effects of Surplus3m
- Effects of Shortage2m
- Supply and Demand: Quantitative Analysis40m
- 4. Elasticity2h 26m
- Percentage Change and Price Elasticity of Demand19m
- Elasticity and the Midpoint Method20m
- Price Elasticity of Demand on a Graph11m
- Determinants of Price Elasticity of Demand6m
- Total Revenue Test13m
- Total Revenue Along a Linear Demand Curve14m
- Income Elasticity of Demand23m
- Cross-Price Elasticity of Demand11m
- Price Elasticity of Supply12m
- Price Elasticity of Supply on a Graph3m
- Elasticity Summary9m
- 5. Consumer and Producer Surplus; Price Ceilings and Floors3h 45m
- Consumer Surplus and Willingness to Pay38m
- Producer Surplus and Willingness to Sell26m
- Economic Surplus and Efficiency18m
- Quantitative Analysis of Consumer and Producer Surplus at Equilibrium28m
- Price Ceilings, Price Floors, and Black Markets38m
- Quantitative Analysis of Price Ceilings and Price Floors: Finding Points20m
- Quantitative Analysis of Price Ceilings and Price Floors: Finding Areas54m
- 6. Introduction to Taxes and Subsidies1h 46m
- 7. Externalities1h 12m
- 8. The Types of Goods1h 13m
- 9. International Trade1h 16m
- 10. The Costs of Production2h 35m
- 11. Perfect Competition2h 23m
- Introduction to the Four Market Models2m
- Characteristics of Perfect Competition6m
- Revenue in Perfect Competition14m
- Perfect Competition Profit on the Graph20m
- Short Run Shutdown Decision33m
- Long Run Entry and Exit Decision18m
- Individual Supply Curve in the Short Run and Long Run6m
- Market Supply Curve in the Short Run and Long Run9m
- Long Run Equilibrium12m
- Perfect Competition and Efficiency15m
- Four Market Model Summary: Perfect Competition5m
- 12. Monopoly2h 13m
- Characteristics of Monopoly21m
- Monopoly Revenue12m
- Monopoly Profit on the Graph16m
- Monopoly Efficiency and Deadweight Loss20m
- Price Discrimination22m
- Antitrust Laws and Government Regulation of Monopolies11m
- Mergers and the Herfindahl-Hirschman Index (HHI)17m
- Four Firm Concentration Ratio6m
- Four Market Model Summary: Monopoly4m
- 13. Monopolistic Competition1h 9m
- 14. Oligopoly1h 26m
- 15. Markets for the Factors of Production1h 26m
- 16. Income Inequality and Poverty35m
- 17. Asymmetric Information, Voting, and Public Choice39m
- 18. Consumer Choice and Behavioral Economics1h 16m
- Unions Coming soon
- Firms, the Stock Market, and Corporate Governance Coming soon
- Health Care Coming soon
- Uncertainty and Risk Coming soon
- Balance of Payments Coming soon
- Exchange Rates Coming soon
- Rent, Interest, and Profit (Brue) Coming soon
- Measuring National Output and Income (MACROECONOMICS)54m
- Unemployment and Inflation (MACROECONOMICS)1h 34m
- Labor Force and Unemployment10m
- Types of Unemployment12m
- Unemployment: Minimum Wage Laws and Efficiency Wages7m
- Inflation and Consumer Price Index (CPI)16m
- Using CPI to Adjust for Inflation7m
- Problems with the Consumer Price Index (CPI)5m
- Nominal Income and Real Income12m
- Nominal Interest, Real Interest, and the Fisher Equation5m
- Who is Affected by Inflation?5m
- Demand-Pull and Cost-Push Inflation6m
- Costs of Inflation: Shoe-leather Costs and Menu Costs4m
- Productivity and Economic Growth (MACROECONOMICS)1h 4m
- The Financial System (MACROECONOMICS)1h 30m
- Income and Consumption (MACROECONOMICS)57m
- Deriving the Aggregate Expenditures Model (MACROECONOMICS)1h 14m
- Aggregate Demand and Aggregate Supply Analysis (MACROECONOMICS)1h 22m
- Aggregate Demand17m
- Deriving Aggregate Demand from the Aggregate Expenditure Model12m
- Shifting Aggregate Demand4m
- Long Run Aggregate Supply9m
- Short Run Aggregate Supply7m
- Shifting Short Run Aggregate Supply8m
- AD-AS Model: Equilibrium in the Short Run and Long Run5m
- AD-AS Model: Shifts in Aggregate Demand18m
- The Monetary System (MACROECONOMICS)58m
- The Functions of Money; The Kinds of Money8m
- Defining the Money Supply: M1 and M22m
- Required Reserves and the Deposit Multiplier8m
- Introduction to the Federal Reserve8m
- The Federal Reserve and the Money Supply11m
- History of the US Banking System9m
- The Financial Crisis of 2007-2009 (The Great Recession)10m
- Monetary Policy (MACROECONOMICS)1h 26m
- Fiscal Policy (MACROECONOMICS)52m
- Tradeoffs Between Inflation and Unemployment (MACROECONOMICS)1h 2m
- Open-Economy Macroeconomics (MACROECONOMICS)1h 44m
- Balance of Payments: Introduction5m
- Balance of Payments: Current Account8m
- Balance of Payments: Financial Account and Capital Account7m
- Net Exports Equal Net Foreign Investment7m
- Balance of Trade; Trade Deficit and Trade Surplus6m
- Exchange Rates: Introduction14m
- Exchange Rates: Nominal and Real13m
- Exchange Rates: Equilibrium8m
- Exchange Rates: Shifts in Supply and Demand11m
- Exchange Rates and Net Exports6m
- Exchange Rates: Purchasing Power Parity3m
- The Gold Standard4m
- The Bretton Woods System6m
- Macroeconomic Schools of Thought (MACROECONOMICS)31m
- Dynamic AD/AS Model (MACROECONOMICS)32m
0. Basic Principles of Economics
Percentage and Decimal Review
Multiple Choice
When you are using percentages in microeconomics calculations, which of the following is the correct way to convert a percentage to a decimal for use in formulas?
A
Subtract 100 from the percentage
B
Multiply the percentage by 100
C
Add 100 to the percentage
D
Divide the percentage by 100
0 Comments
Verified step by step guidance1
Understand that percentages represent a part out of 100, so to convert a percentage to a decimal, you need to express it as a fraction of 1.
Recall that dividing a percentage by 100 moves the decimal point two places to the left, converting it from a percent to a decimal form.
Write the conversion formula as: \(\text{Decimal} = \frac{\text{Percentage}}{100}\).
Apply this formula when using percentages in microeconomic formulas to ensure calculations are accurate and consistent.
Avoid incorrect methods such as subtracting 100, adding 100, or multiplying by 100, as these do not correctly convert percentages to decimals.
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