Subtract the minimum value from maximum one to calculate the range. In this example, the range is $41.12 - $34.68 = $6.44. Divide the range by the average value, and then multiply the result by 100 to calculate the relative percent range.
Moreover, what is the meaning of relative?
adjective. having meaning or significance only in relation to something else; not absolutea relative value. (prenominal) (of a scientific quantity) being measured or stated relative to some other substance or measurementrelative humidity; relative density Compare absolute (def.
What is the meaning of relative term?
A relative term is a term that makes two or more distinct references to objects (which may be the same object, for example in "The Morning Star is the Evening Star"). A relative term is typically expressed in ordinary language by means of a phrase with explicit or implicit blanks. Examples: __ loves __
What is the relative change?
Absolute change refers to the simple difference in the indicator over two periods in time, i.e. Relative change expresses the absolute change as a percentage of the value of the indicator in the earlier period, i.e.