Markups and Markdowns.

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Presentation transcript:

Markups and Markdowns

Stores have to buy their merchandise from the factory. To make a profit, stores sell the merchandise at a price that is higher than the cost they paid. The amount of increase from the cost to the selling price is called the markup.

Markups For example: markup = selling price – cost markup= 28 – 16

Markups You can represent the amount of markup as a percent increase of the original cost. percent increase = amount of change/original quantity This percent is called the percent markup. percent markup = markup/cost

Markups For example: percent markup = markup/cost markup= 12/16 = 3/4 , or 75% There is a 75% markup on the shirt.

Markups What is the percent markup for each item? Round to the nearest percent.

Markups Airlines usually increase the price of their plane tickets as the day of the flight gets closer. What is the percent markup for the plane ticket below? Base cost: $310 Selling Price: $550 Concert halls change the price for concert tickets depending on the performer. What is the selling price for the concert ticket below? Base cost: $20 Percent markup: 90%

Markdowns When a store puts an item on sale, it reduces the selling price of the item. The amount of decrease from the selling price to the sale price is called the markdown.

Markdowns For example: markdown = selling price – sale price

Markdowns You can represent the amount of markdown as a percent decrease of the selling price. percent decrease = amount of change/original quantity This percent is called the percent markdown. percent markdown = markdown/selling price

For example: percent markdown = markdown/selling price percent markdown = 7/28 = 1/4 , or 25% There is a 25% markdown on the shirt.

Each month at an electronics store, new televisions come in Each month at an electronics store, new televisions come in. The store manager puts older televisions on sale. What is the percent markdown on the television below? Selling Price: $250 Sale Price: $200

Markups and Markdowns Relax Yoga Store buys yoga mats for $15 each. The store has a sale the following week. Does the store still make a profit on each mat during the sale? If so, how much of a profit?

Relax Yoga Store negotiates to buy even more yoga mats from their seller if he can give them 35% off the original $15. If the seller gets the mats for $8.50, would he still make a profit on each mat with this deal? If so, how much of a profit?

HW: Markups and Discounts worksheet