Chapter B.1, Problem 23E

To determine

To calculate:

Approximate percentage decrease in the price per gallon of premium unleaded gasoline from $2008$ to $2010$ .

Answer to Problem 23E

The percentage decrease in the price per gallon of premium unleaded gasoline from $2008$ to $2010$ is approximate $40\%$ .

Explanation of Solution

Given information:

  

Calculation:

Consider the provided data of line graph of average prices of a gallon of premium unleaded gasoline from year $2005$ to $2013$ .

  

So according to the given graph, average price of a gallon of premium unleaded gasoline in the year $2005$ is $2.5$ dollars per gallons and in year $2008$ price is $3.5$ dollars per gallon.

Therefore, the approximate percentage increase in the price per gallon from year $2005$ to $2008$ is calculated as:

  $\begin{array}{l}=\frac{increaseinpricepergallon}{Originlprice}\times 100\\ =\frac{\left(3.5-2.5\right)}{2.5}\times 100\\ =\frac{1}{25}\times 100\\ =40\end{array}$

Therefore, the price increase in per gallon from year $2005$ to $2008$ is approximate $40\%$ .