Q3 Percent Flashcards
How to find the percent?
(Portion / Whole) x 100
Percent is easier to understand than . . .
Raw numbers
Normalization
Standardizes number of different scales or times to enable fair comparisons
If California has 9 national parks, and the rest of the nation has 52, what percent does California have?
52 + 9 = 61 [Whole]
9/61 = .148 x 100 = 14.8%
Percent means . . .
Per 100
Portion of the whole enables . . .
- Large numbers to be simplified
- Keeps us from confusing raw dominance with proportion
Percent change formula
((New number - Old number) / Old number) x 100
“NOO”
How to find percentage points
Subtract the two percents
The old number
- Is always the one you’re comparing against
- The one after “than”
What percent do you save on two pairs of $1.00 socks if the sale is Buy One, Get One 50% Off?
- First pair is $1.00
- Second pair is half off, so it’s $0.50
- You save $0.50
- 0.50 / 2.00 = 25%
- You save 25%
Your favorite style of athletic shoes, normally $90, are now 30% off. How much will you pay?
$90 x .30 = $27
$90 - $27 = $63
The pizza cost $26.87. If you add an 18% tip, how much is the bill?
$26.87 x .18 = $4.84
$26.87 + $4.84 = $31.71
You spent $320 on coffee last semester. You are determined to cut your coffee spending this semester by 20%. How much could you spend on coffee?
$320 x .80 = $256
Percent decrease
Cannot exceed 100 percent
Percent increase
CAN exceed 100 percent
What to do if the numbers are small
The relative becomes overstated and the absolute difference is a fairer comparison
Inflation
- Allowing for inflation enables a fair comparison
- Another type of normalization
Account for inflation when . . .
Comparing single units of money over 10 years or more
What already has inflation baked in?
Two units of money over 10 years or more
Percentile
Divides all things into 100 equal boxes
What does scoring a 1340, placing you in the 90th percentile on the SAT, mean?
A score of 1340 was equal to or better than 90% of those who took the SAT
Percentile involves . . .
Median (50th percentile)
Quartile
- Four equal sized boxes
- Each has a name, ranging from Q1 to Q4
Quintile
Five equal sized boxes
Decile
Ten equal-sized boxes
Upper decile
Upper 10%
Upper quintile
Upper 20%
Upper quartile
Upper 25%
Poverty
- An overall median can be skewed by poverty
- Poverty should not be a major factor if only looking at the top decile