GCSE Edexcel Business Stakeholders in business: Table 2 contains information abo

Table 2 contains information about the price of a Tesla Model 3 car between 2017 and 2019 - Edexcel - GCSE Business - Question 5 - 2021 - Paper 1

Question 5

Table 2 contains information about the price of a Tesla Model 3 car between 2017 and 2019. | Year | Price (in US$) | |------|----------------| | 2017 | 50,000 ... show full transcript

Worked Solution & Example Answer:Table 2 contains information about the price of a Tesla Model 3 car between 2017 and 2019 - Edexcel - GCSE Business - Question 5 - 2021 - Paper 1

Step 1

Using the information in Table 2, calculate the percentage reduction in the price of a Tesla Model 3 car between 2017 and 2019.

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Answer

The percentage reduction can be calculated using the formula:

$\text{Percentage Reduction} = \left( \frac{\text{Old Price} - \text{New Price}}{\text{Old Price}} \right) \times 100$

Substituting the values:

Old Price (2017) = $50,000
New Price (2019) = $35,000

Thus,

$\text{Percentage Reduction} = \left( \frac{50,000 - 35,000}{50,000} \right) \times 100 = \left( \frac{15,000}{50,000} \right) \times 100 = 30\%$

Step 2

Using the information in Table 2, calculate the average price of a Tesla Model 3 car over the three year period between 2017 and 2019.

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Answer

To calculate the average price over the three years, we use the formula:

$\text{Average Price} = \frac{\text{Sum of Prices}}{\text{Number of Years}}$

Inserting the prices:

Price in 2017 = $50,000
Price in 2018 = $41,000
Price in 2019 = $35,000

Calculating:

$\text{Average Price} = \frac{50,000 + 41,000 + 35,000}{3} = \frac{126,000}{3} = 42,000$

Therefore, the average price over the three years is £42,000.

Table 2 contains information about the price of a Tesla Model 3 car between 2017 and 2019 - Edexcel - GCSE Business - Question 5 - 2021 - Paper 1

Worked Solution & Example Answer:Table 2 contains information about the price of a Tesla Model 3 car between 2017 and 2019 - Edexcel - GCSE Business - Question 5 - 2021 - Paper 1

Using the information in Table 2, calculate the percentage reduction in the price of a Tesla Model 3 car between 2017 and 2019.

Using the information in Table 2, calculate the average price of a Tesla Model 3 car over the three year period between 2017 and 2019.

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