QuestionCereal Killers' market share rose from $5.4\%$ to $8.1\%$ . What is the percent increase in sales?

Studdy Solution

STEP 1

Assumptions1. The initial market share of Cereal Killers is $5.4\%$ . . The final market share of Cereal Killers is $8.1\%$ .
3. The increase in market share is $.7\%$ points.

STEP 2

First, we need to find the percent increase in sales. We can do this by dividing the increase in market share by the initial market share, and then multiplying by100 to convert it to a percentage.
$Percent\, increase = \frac{Increase\, in\, market\, share}{Initial\, market\, share} \times100\%$

STEP 3

Now, plug in the given values for the increase in market share and the initial market share to calculate the percent increase.
$Percent\, increase = \frac{2.7\%}{5.\%} \times100\%$

STEP 4

Convert the percentage values to decimal values.
$2.7\% =0.027$ $.4\% =0.054$ $Percent\, increase = \frac{0.027}{0.054} \times100\%$

STEP 5

Calculate the percent increase.
$Percent\, increase = \frac{0.027}{0.054} \times100\% =50\%$ The increase in sales represents a50% increase.

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