The image shows a math problem related to absolute and relative errors. Let's break it down:

The scenario:

• The book is believed to be worth $1,550, but the actual value is $975 (since it was a 1st edition printed in English, not the actual 1st edition).
• The task asks for:
  • The Absolute Error.
  • The Relative Error (rounded to two decimal places).

Definitions:

• Absolute Error: The difference between the measured value and the actual value. $\text{Absolute Error} = |\text{Measured Value} - \text{Actual Value}|$

• Relative Error: The ratio of the absolute error to the actual value, expressed as a percentage. $\text{Relative Error} = \frac{\text{Absolute Error}}{\text{Actual Value}} \times 100$

Now, let's calculate:

a. Absolute Error:

$\text{Absolute Error} = |1550 - 975| = 575$

b. Relative Error:

$\text{Relative Error} = \frac{575}{975} \times 100 \approx 58.97\%$

Final answers:

a. The Absolute Error is $575.

b. The Relative Error is approximately 58.97%.

Let me know if you need further clarification or additional steps!

Follow-up questions:

1. How do absolute and relative errors impact the accuracy of a measurement?
2. What other examples can we use to calculate absolute and relative errors?
3. How does rounding affect the calculation of relative error?
4. In what fields are absolute and relative errors commonly used?
5. How would you calculate relative error if the measured value was higher than the actual value?

Tip: Always ensure your actual and measured values are clearly defined before starting error calculations!