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Here is a real world business equation that am having problems solving around a product pricing structure. Below is list of the widget prices. I need to reduce that pricing by the % over average pricing of our competitors. Appreciate any help.
How do I determine what price to lower my widgets to so that it is not over the average of the competitor? What is the equation to calculate this?

$110 - 24.09% over the average price of competitor
$135 - 41.77% over the average price of competitor
$199 - 56.93% over the average price of competitor
$260 - 63.37% over the average price of competitor
$395 - 69.16% over the average price of competitor
$520 - 70.03% over the average price of competitor
$700 - 72.91% over the average price of competitor

1 Answers 1

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If your price is $110$ and you are $24.09\%$ above the competitor, you are charging $1.2409$ times what the competitor is charging and he is charging $\frac {110}{1.2409}\approx 83.50$. Your data is inconsistent. If you do the same calculation for the other lines you get rather different values.