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Chapter 2: Q 145. (page 130)

In the following exercises, find (a) the amount of the mark-up and (b) the list price.

Tom paid $0.60 a pound for tomatoes to sell at his produce store. He added a 33% mark-up. What price did he charge his customers for the tomatoes?`

Short Answer

Expert verified

Part (a) The mark-up amount is $0.198.

Part (b) The list price is $0.798.

Step by step solution

01

Part (a) Step 1. Given information.

The original price is $0.60 and the mark-up rate is 33%.

02

Part (a) Step 2. Find the amount of mark-up.

Calculate the mark-up amount:

Mark-upamount=33%oforiginalcost=33%of0.60=0.33脳0.6=0.198

So, the mark-up amount is $0.198.

03

Part (b) Step 1. Find the list price.

Calculate the list price by adding a mark-up amount to the original cost.

Listprice=originalcost+mark-upamount=0.60+0.198=0.798

So, the list price is $0.798.

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