JPEG/GIF

Balloons GIF 8 colors, Dither 25%, Noise- 47.63K
Balloons GIF 16 colors, Dither 25%, Pattern- 28.76K
Balloons GIF 64 colors, Dither 25%- 29.98K
Balloons GIF 256 colors, Dither 50%- 52.07K
Balloons at 100%- 84.61KB
Balloons at 50%- 19.3KB
Balloons at 25%- 11.47KB
Balloons at 0%- 6.075KB

This excersize was very helpful in understanding different sizes. Uploading different jpeg sizes helped me to see what still looks good at a reasonable size....GIFS, however were a lot more fun to play with because when i messed with them, the image was completely transformed.