Hi,
I have a question about finding an entire market size when given the percent and numerical size of a portion of said market.
Example:
"If $9k is 6% of the market, what is the entire market size?"
I chose to solve this by making $9k = 5% and got a total market size of $180k, knowing this was larger than the actual market size.
My question now is how do I find the actual (or at least close to) total market size? What is the methodology for decreasing from $180k to find the right answer?
The way I usually think: if 9k is 6%, then 1% is 1.5k. Hence 100% is 150k.
Cheers, Sidi
It is easy...
assume it to be x.
6 % of x is 9K
6/100 * x= 9 K
x= 9k *100/6
x= 150k
you choose 5 instead of 6 and got it as 180.
(edited)
Hi,
Up for Sidi approach, I do the same ;)
Hi there,
The way to do this accurately is simply to do the calculation, including some basic fractions:
- if $9k is 6%, that means that Total (T) *6%=9k,
- Rewriting it in terms of T you get --> T=9k/6%
- Rewriting 6% as a fraction you get --> T=9k/(6/100)=9k*100/6= 900k/6
- 900k/6 you can easily solve by splitting 6 into (3*2) - so 900k/3/2 = 300k/2 = 150k
Hope this helps!
Alessandro
