markup and discount ns 1.4 calculate given percentages of quantities and solve problems involving...
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Markup and Markup and DiscountDiscount
NS 1.4 Calculate given percentages of quantities and solve problems involving discounts at sales, interest earned, and tips.
Objective:-Students will calculate give percentages and find discounts, markups, tips, and sales tax by scoring an 80% proficiency on a quiz.
TerminologySelling Price - The price
retailers charge customers
Cost - The price retailers pay to a manufacturer
Markup, margin, or gross profit - The difference between the cost of bringing the goods into the store and the selling
price
Operating expenses or overhead - The regular
expenses of doing business such as rent, wages,
utilities, etc.
Net profit or net income - The profit remaining after subtracting the cost of bringing the goods into the
store and the operating expenses
Copy these Steps:
Finding Markups
Step 1: Find the amount of the markup (the percent) Step 2: Turn the percent into a decimal and Multiply it by the original priceStep 3: Add the markup amount to the original price.
Finding Discounts
Step 1: Find the amount of the discount (the percent) Step 2:Turn the percent into a decimal and Multiply it by the original priceStep 3: Subtract the discount amount to the original price.
Markup and DiscountMarkup and Discount Markup and Discount are like tax, Markup and Discount are like tax,
commission, and tip questions.commission, and tip questions.
You can…You can…1)1) Change the percent to a decimal and Change the percent to a decimal and
multiply.multiply.2)2) Write an equation to find the missing Write an equation to find the missing
percent.percent.3)3) Write a proportion like percent problemsWrite a proportion like percent problems
Basic Selling Price Formula
Selling price (S) = Cost (C) + Markup (M)
$1,200Computer
$900 - Pricepaid to bring
computerinto store
$300 - Dollars to
cover expenses and
profit
Markup vs. DiscountMarkup vs. Discount
MarkupMarkupA retail store buys A retail store buys
items at items at wholesale wholesale pricesprices. To cover . To cover expenses and make a expenses and make a profit, the sells items profit, the sells items at higher at higher retail retail pricesprices. The extra . The extra amount is called the amount is called the markupmarkup.
DiscountDiscount
When an item is on When an item is on salesale, the store is , the store is selling the item for selling the item for less, so this is called less, so this is called discount.discount.
Ex1: You buy a pair of jeans that is 30% off the original price of $29. What is the sale price of an item?
Find the amount of the discount:
30% of $29
0.3 x 29
8.7
Subtract the discount from the original price
29- 8.70 = $20.30
Discount
Ex: 2 A store that sells skateboards buys them from a manufacturer at a wholesale price of $57. The store’s
markup is 150% . What is the retail price?
Find the amount of the markup( Percent) and turn into decimal.
Markup = 150% of $57
1.50 x 57
85.50 Add the markup amount to the original price
57.00 + 85.50= $142.50
Markup
MarkupMarkup
Finding the amount of Finding the amount of markup.markup.
A store buys a shirt at A store buys a shirt at a wholesale price of a wholesale price of $13.50 and sells the $13.50 and sells the shirt for $24.95. How shirt for $24.95. How much was it marked much was it marked up?up?
Finding the Finding the percent of percent of markup.markup.
What is the What is the percent of markup percent of markup for the shirt in the for the shirt in the first problem?first problem?
$11.45 84.8% or 85%
$24.95- $13.50=
Ex: 3
$11.45 is what percent of $13.50?
MarkupMarkup
1) A store buys a pair of shoes at a wholesale 1) A store buys a pair of shoes at a wholesale price of $37.50 and sells them for $50. price of $37.50 and sells them for $50. What is the amount of markup?What is the amount of markup?
2) What is the percent of markup for the pair 2) What is the percent of markup for the pair of shoes in problem 1?of shoes in problem 1?
3) Find the cost after markup: $15 movie, 3) Find the cost after markup: $15 movie, 20% markup20% markup
DiscountDiscount
Find the amount of Find the amount of discountdiscount
A $36 book is on sale A $36 book is on sale for $27. What is the for $27. What is the amount of discount?amount of discount?
Find the percent of Find the percent of discountdiscount
What is the percent What is the percent of discount for the of discount for the book in the problem book in the problem before?before?
$9.00 25%
DiscountDiscount
1)1) A $90 coat is on sale for $76.50. What is the A $90 coat is on sale for $76.50. What is the amount of discount?amount of discount?
2)2) What is the percent of discount for the coat What is the percent of discount for the coat in problem 1?in problem 1?
3)3) Find the cost after discount: $85 radio, Find the cost after discount: $85 radio, 10% discount.10% discount.