Hw 2.docx - Homework 3 Price Exercise(Due at the beginning...

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Homework 3: Price Exercise (Due at the beginning of class) Purpose: For you to apply a markup over cost % in various situations. Understanding the markup chain helps you understand how products are distributed. It is very important for students to do several problems to understand how the markup works. 1) What are the markups at Jewels R US? Necklace: the store bought it for $40 and sells it for $95.99. Bracelet: the store bought it for $25 and sells it for $59.99. Earrings: the store bought them for $20 and sells them for $55.99 To figure it. Dollar Markup/ cost= % markup. Selling Price Cost P-C = markup Markup / cost = %markup Necklace 95.99 40 55.99 139.98% Bracelet 59.99 25 34.99 139.96% Earrings 55.99 20 35.99 179.95% 2) What are the costs at the grocery store? Top Ramen is on sale for 4 for a $1. The store makes 1% markup on it, how much did they pay for one package? Oranges sell for $.89 a pound. The store marks them up 15%. How much did they pay per pound? To figure it. Price / (1+%markup) = cost
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