Basic Econ Math Review

PERCENTAGES
Converting between Fractions Decimals and
Percentages
Finding a Percentage
Profit & Loss
Reverse Percentages
Writing as a Percentage

CONVERTING BETWEEN F, D & P

Converting a percentage (40%) to a fraction
40% means 40 out of every 100

40
100

2
5

Dont forget to simplify if possible

CONVERTING BETWEEN F, D & P

Converting a percentage (67%) to a decimal
67% means
67i.e. 67 100

100

Remember by 100 ?

So,
67% = 0.67

CONVERTING BETWEEN F, D & P

Converting a decimal (.43) to a percentage
Reverse the process i.e. Multiply by 100 (.43)

So, 0.43 = 43%

CONVERTING BETWEEN F, D & P

Converting a fraction (3/5) to a percentage
Convert to a decimal first then to a percentage
i.e.

0. 6
3
5 5 3.00

Then, change to a percentage, x by 100

So,

3
5

= 0.6 = 60%

FINDING A PERCENTAGE Remember 10% =

To find

1
10

Also 1% =

And to find

10
100

1
10

we divide by 10
1
100
1
100

we divide by 100

FINDING A PERCENTAGE e.g., Find 32% of $240

= 32/100 X 240
= $76.80
55% of 120 children at the theatre were boys,
how many were boys ?
= 55/100 X 120
= 66 boys
Find 28% of 690

PROFIT & LOSS

2 types of questions
Type 1 A car was bought for $1200 and was later sold at
a 15% profit, how much was it sold for ?
Find 15% and then add it on to $1200
If it were sold for a 24% loss
Find 24% and then take it off or subtract it
from the $1200

PROFIT & LOSS

Type 2
A car was bought for $1200 and later sold for
$1400, what is the percentage profit ?
Find the amount of the profit
Divide by the original amount
Cancel to simplest form and then change to a
percentage i.e., multiply by 100
Actual Profit (or Loss)
Original Amount

PROFIT & LOSS

Type 2
A car was bought for $1200 and later sold for
$1400, what is the percentage profit ?

Actual Profit
Original Amount
=.1666
=17%

200
1200

1
6

multiply by 100 to convert decimal to %

PROFIT & LOSS

A bicycle was bought for $600 and later sold
for $450, what is the percentage loss ?

Actual Loss
Original Amount

150
600

1
4

= .25 multiply by 100 to convert decimal to %

= 25%

REVERSE PERCENTAGES
The original amount is always 100%
A reduction of 20% means the new price is 80%
of original
An increase of 15% means the new price is
115% of original

REVERSE PERCENTAGES
eg. In a 25% sale a sofa costs $480, how
much did it cost before the sale ?
25% reduction means 75% of original
i.e. 100% - 25% = 75%

Price before
Sale ?

x 0.75
0.75

So, $480 0.75 = $640

Price after
Sale $480

REVERSE PERCENTAGES
eg. Following a 10% increase , gasoline now
costs $1.20 per litre, how much did it cost
before the increase ?
10% increase means 110% of original

Price before
increase ?

x 1.10
1.10

New Price
$1.20

So, $1.20 1.10 = $1.09 per litre

WRITING AS A PERCENTAGE
One quantity as a percentage of another
eg. Anna scored 32 out of 50 in a science test
and 48 out of 80 in maths
Write as a fraction first, then cancel down
Science
Maths

32
50

16
25 0.64
.64 X 100 = 64%

48
80

3
5 0 .6
.6 X 100 = 60%

WRITING AS A PERCENTAGE
What percentage of cars
are Green ?
22 out of 122 were green,
so

22
122

Change to a decimal
Then convert to a
percentage by multiplying
By 100

Car Park Survey

Colour

Frequency

Green

22

Silver

43

Black

57

22
122

0.18
=18%

SESSION SUMMARY
Converting between Fractions Decimals and
Percentages
Finding a Percentage
Profit & Loss
Reverse Percentages
Writing as a Percentage

END MATH
REVIEW