BUSINESS MATHEMATICS & STATISTICS.

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Presentation transcript:

BUSINESS MATHEMATICS & STATISTICS

Solve merchandising pricing problems involving markup and markdown LECTURE 13 Review Lecture 12 Solve merchandising pricing problems involving markup and markdown

A golf shop pays its wholesaler Markup A golf shop pays its wholesaler 2 400 Rs. for a certain club, and then sells it for 4,500 Rs. What is the markup rate?

Markup First, calculate the markup in absolute terms: 4500 – 2400 = 2100 Then find the relative markup over the original price, or the markup rate: (2100) is (some percent) of (2400), or: 2100 = (x)(2400)

Markup ...so the relative markup over the original price is: 2100/2400 = x = 0.875 Since x stands for a percentage, remember to convert this decimal value to a percent. The markup rate is 87.5%.

Markup

A computer software retailer Markup A computer software retailer used a markup rate of 40%. Find the selling price of a computer game that cost the retailer Rs. 1,500.

Markup The markup is 40% of the cost, so the markup is: (0.40)(1,500) = 600 Then the selling price, being the cost plus markup, is: 1,500 + 600 = 2,100 The item sold for 2,100.

Markdown An item originally priced at 3,300 Rs. is marked 25% off. What is the sale price? First, find the markdown.

Markdown First, find the markdown. The markdown is 25% of the original value, so: x = (0.25)(3300) = 825 Then calculate the sale price, by subtracting the markdown from the original price: 3,300 – 825 = 2,475 The sale price is 2,475 Rs..

Discount The price of office equipment is 3000. The manufacturer offers a 30% trade discount. Find the net price and the trade discount amount.

Discount Net Price = L(1 – d) = 3000(1 – .3) = 3000(.7) = 2100 Rs. Amount of discount = dL = .3* 3000 = 900 Rs.

BUSINESS MATHEMATICS & STATISTICS