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Answer the following questions concisely:
1. How do you solve percent markup problems?
2. What is markup and mark down?
3. In business, is it important to use the markup and markdown in pricing? Why or why not?
Answer the following questions concisely:
1. How do you solve percent markup problems?
2. What is markup and mark down?
3. In business, is it important to use the markup and markdown in pricing? Why or why not?
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Answer:
1.The markup rate is the percent increase in the price, and the markdown rate (discount rate) is the percent decrease in the price. Most markup problems can be solved by the equation: (Selling Price) = (1 + m)(Whole), where m is the markup rate, and the whole is the original price.
2. Markup is how much to increase prices and markdown is how much to decrease prices. ... If we are given a markdown percentage, we multiply the percentage with the original price to find how much of a decrease we are getting, then we subtract this difference from the original price to find the marked down price.
3. Because there are many ways to price the product or service you sell. Many of them involve some sort of markup. You can calculate a markup based on the cost of the product or a markup based on the selling price of the product.
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