Determine the percent change in the price of an item that was selling for \( \$ 175.00 \) last year, and is being sold for \( \$ 140.00 \) this year.

To find the percent change, you can use the formula: \[ \text{Percent Change} = \frac{\text{New Price} - \text{Old Price}}{\text{Old Price}} \times 100 \] Plugging in the values: \[ \text{Percent Change} = \frac{140 - 175}{175} \times 100 = \frac{-35}{175} \times 100 \approx -20\% \] So, the price has decreased by approximately \( 20\% \). Now, when prices change, it often reflects broader economic trends. For instance, a significant drop in the price of an item may indicate a surplus of that product, changes in consumer demand, or even shifts in manufacturing costs. Understanding these factors can give buyers insight into market conditions and future price fluctuations. If you're tracking price changes, keep an eye on seasonality. Many items have pricing cycles, such as electronics often going on sale during specific holidays. Staying aware of these patterns not only helps in snagging the best deals but also in understanding when it might be best to hold off on a purchase or stock up!