a clothing company made $800 million worth of revenue on backpacks this year. the total market for backpacks…

a clothing company made $800 million worth of revenue on backpacks this year. the total market for backpacks is $16 billion. what is the companys market share? round to the nearest tenth of a percent.

a clothing company made $800 million worth of revenue on backpacks this year. the total market for backpacks is $16 billion. what is the companys market share? round to the nearest tenth of a percent.

Answer

Explanation:

Step1: Convert values to same unit

$800$ million = $800000000$, $16$ billion = $16000000000$

Step2: Calculate market - share formula

Market share = $\frac{\text{Company revenue}}{\text{Total market size}}\times100%=\frac{800000000}{16000000000}\times100%$

Step3: Simplify the fraction

$\frac{800000000}{16000000000}=\frac{800}{16000}=\frac{1}{20}$ $\frac{1}{20}\times100% = 5.0%$

Answer:

$5.0$