In 2007, a business had sales of £10 million in a market with a size of £125 million. In 2017 the business's sales were £12.6 million and its market share was 6%. Calculate the percentage growth in the size of the market between 2007 and 2017. (4 marks)
market share 2007 = 10/125 x100 = 8%market size 2017 = 12.6/x x100 = 6% 12.6/x = 0.06 12.6 = 0.06 x (divide by 0.06) = 210 millionmarket size growth = new - old/old 210 (new) - 125 (old)/ 125 (old) x100 = 68%
JD
Answered by Jasmine D. • Business Studies tutor
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