3.3 Markup and Markdown How can you rewrite expressions to help you solve markup and markdown problems?

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Presentation transcript:

3.3 Markup and Markdown How can you rewrite expressions to help you solve markup and markdown problems?

To make a profit, stores mark up the prices on the items they sell To make a profit, stores mark up the prices on the items they sell. A sports store buys Skateboards from a supplier for s dollars. What is the retail price for skateboards that the Manager buys for $35 and $56 after a 42% markup? Step 1: Use the variable s to represent the cost of the skateboard. Rewrite the percent Markup as a decimal. When you add these two together it represents the cost plus the markup. Step 2: Retail price = original cost + markup Step 3: Use the expression to find the retail price of each skateboard.

1c + 0.1c, 1.1c $30.80 200% 1c + 2c; 3c

0.76b 1p − 0.05p, 0.95p $14.25

$2.70 $9.45 $25.31 $24.75 $48.60 $231.25 $20.70 $31.95 $59.06 $99.74 $97.20 $416.25

ADDITIONAL EXAMPLE 1 A shoe store buys a pair of boots from a supplier for b dollars. The store’s manager decides on a markup of 35%. Write an expression for the retail price of a pair of boots. 1.35b

ADDITIONAL EXAMPLE 2 A pet store marks down all of its grooming products by 15% off the regular selling price of p. Write an expression for the sale price. 0.85p

3.3 LESSON QUIZ 7.4.D Fred buys flags from a manufacturer for f dollars each and then sells the flags in his store for a 26% markup. 1. Write the markup as a decimal. 0.26 2. Write an expression for the retail price of a flag. 1f + 0.26f or 1.26f

Fred buys flags from a manufacturer for f dollars each and then sells the flags in his store for a 26% markup. 3. What is the retail price of a flag for which Fred paid $40? $50.40 4. How much was added to the cost of the flag? $10.40 List the sale price of each item. Round to two decimal places when necessary. 5. Original price: $25; Markdown: 12% $22 6. Original price: $16.45; Markdown: 33% $11.02

A shirt is on sale now for $20 A shirt is on sale now for $20. Starting today, a morning sales clerk decreases the price by 30%, and then an afternoon sales clerk increases the price by 20%. This pattern continues for several days. Provided the shirt is never purchased, on which day is the shirt marked down to about 75% off the price it is now? 75% off the current price would make the shirt’s sale price $5. On the morning of Day 6, the shirt will be priced at $4.90.

How can you rewrite expressions to help you solve markup and markdown problems? Sample answer: Markups are 1 plus a percent of the cost, and markdowns are 1 minus a percent of a price. Either can be rewritten as a single term.