Section 6.8 Markup and Discount

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Presentation transcript:

Section 6.8 Markup and Discount Algebra Concepts Section 6.8 Markup and Discount

How do stores make money?

Stores charge more for merchandise than they pay for it. Markup- the amount of increase from the amount the store pays for an item. Percent of markup is the markup in percent form.

𝑀𝑎𝑟𝑘𝑢𝑝=% 𝑜𝑓 𝑚𝑎𝑟𝑘𝑢𝑝×𝑠𝑡𝑜𝑟 𝑒 ′ 𝑠 𝑐𝑜𝑠𝑡

Find the markup #1 $12 toy cost, 65% markup #2 $495 computer cost, 70% markup #3 $79 purse cost, 350% markup

When things are in demand, the markup is higher!

𝑆𝑒𝑙𝑙𝑖𝑛𝑔 𝑝𝑟𝑖𝑐𝑒=𝑠𝑡𝑜𝑟 𝑒 ′ 𝑠 𝑝𝑟𝑖𝑐𝑒+𝑚𝑎𝑟𝑘𝑢𝑝

The store’s cost for a pair of jeans is $35. The store’s percent of markup is 85%. Find the amount of the markup. Markup = 35 (.85)= 29.75 The store makes $29.75 when they sell a pair of jeans.

How much for those jeans? 35+29.75=64.75 $64.75 selling price

Why do stores put things on sale?

Discount-amount of price decrease Percent of discount -percent of decrease

Find the discount #1 30% of $28.00 #2 75% of $50 #3 45% of $30

𝑆𝑎𝑙𝑒 𝑝𝑟𝑖𝑐𝑒=𝑅𝑒𝑔𝑢𝑙𝑎𝑟 𝑝𝑟𝑖𝑐𝑒−𝑑𝑖𝑠𝑐𝑜𝑢𝑛𝑡

Find the discount and the sale price! #1 shirt $72 35% off #2 makeup mirror $85 20% off #3 sports jersey $120 30% off

Shortcut to the sale price! If an item is 30% off regular price, that means you are paying 70% of the regular price

Katie finds a top with a regular price of $42 Katie finds a top with a regular price of $42. The top is marked 55% off. What is the amount of the discount? What is the sale price?

𝑆𝑎𝑙𝑒 𝑝𝑟𝑖𝑐𝑒=𝑟𝑒𝑔𝑢𝑙𝑎𝑟 𝑝𝑟𝑖𝑐𝑒−𝑑𝑖𝑠𝑐𝑜𝑢𝑛𝑡