an appliance company made $2 billion worth of revenue on coffee machines this year. the total market for…

an appliance company made $2 billion worth of revenue on coffee machines this year. the total market for coffee machines is $18 billion. what is the companys market share? ?% round to the nearest tenth of a percent.

an appliance company made $2 billion worth of revenue on coffee machines this year. the total market for coffee machines is $18 billion. what is the companys market share? ?% round to the nearest tenth of a percent.

Answer

Explanation:

Step1: Recall market - share formula

Market share = $\frac{\text{Company's revenue}}{\text{Total market revenue}}\times100%$

Step2: Substitute given values

The company's revenue from coffee - machines is $2$ billion and the total market revenue for coffee - machines is $18$ billion. So, Market share = $\frac{2}{18}\times100%$

Step3: Calculate the value

$\frac{2}{18}\times100%=\frac{100}{9}% \approx 11.1%$

Answer:

$11.1$