Lesson 7.6: Markup and Discount

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Presentation transcript:

Lesson 7.6: Markup and Discount Standard: NS 1.7 Objectives: Find a markup. Find a discount.

Markup and Discount Markup and Discount are like tax, commission, and tip questions. You can… Change the percent to a decimal and multiply. Write a proportion like percent problems

Markup vs. Discount Markup A retail store buys items at wholesale prices. To cover expenses and make a profit, the sells items at higher retail prices. The extra amount is called the markup. Discount When an item is on sale, the store is selling the item for less, so this is called discount.

Markup Finding the amount of markup. A store buys a shirt at a wholesale price of $13.50 and sells the shirt for $24.95. How much was it marked up? $24.95 - $13.50 = $11.45 It was marked up $11.45. Finding the percent of markup. What is the percent of markup for the shirt in the first problem? 11.45 = x 13.50 100 13.50x = 1145 x = 84.8 The percent of markup is 84.8%.

Markup – Answer in Activity Assignment A store buys a pair of shoes at a wholesale price of $37.50 and sells them for $50. What is the amount of markup? What is the percent of markup for the pair of shoes in problem 1? Find the cost after markup: $15 movie, 20% markup

Discount Find the amount of discount A $36 book is on sale for $27. What is the amount of discount? $36 - $27 = $9 The amount of discount is $9. Find the percent of discount What is the percent of discount for the book in the problem before? 9/36 = 0.25 0.25 x 100 = 25% The percent of discount is 25%.

Discount – Answer in Activity Assignment 4. A $90 coat is on sale for $76.50. What is the amount of discount? 5. What is the percent of discount for the coat in problem 1? 6. Find the cost after discount: $85 radio, 10% discount.