A local shoe store buys shoes at a wholesale price and then marks them up 80% to calculate the retail price. The wholesale price varies, depending on the quantity of shoes purchased. (2 points)
Quantity
0-20 pairs
21-40 pairs 41-60 pairs 61-80 pairs
81 or more pairs
Wholesale Price, (per pair) $25.00 each $23.00 each $21.00 each $19.00 each $17.00 each
Write an equation that could be used to find the retail price for each range. How do you know the equation will work consistently for each range? (2 points)
Let R be the retail price and W be the wholesale price. The equation that could be used to find the retail price for each range is:
R = W + (0.8 * W)
This equation will work consistently for each range because it takes into account the 80% markup on the wholesale price for all quantities of shoes.
To find the retail price for each range, we can use the equation:
Retail Price = Wholesale Price + (Wholesale Price x 80%)
The equation is consistent for each range because it takes into account the wholesale price, which varies based on the quantity of shoes purchased. The markup of 80% is then added to the wholesale price to calculate the retail price. This formula ensures that the same percentage markup is applied to the wholesale price regardless of the range.
To find the equation that can be used to determine the retail price for each range, we need to consider the wholesale price and the markup percentage.
Let's denote the retail price as R and the wholesale price per pair as W.
The formula for calculating the retail price with an 80% markup is:
R = W + 0.8W
To determine the wholesale price for each range, we need to consider the conditions:
- For quantity 0-20 pairs, the wholesale price per pair is $25.00 each.
- For quantity 21-40 pairs, the wholesale price per pair is $23.00 each.
- For quantity 41-60 pairs, the wholesale price per pair is $21.00 each.
- For quantity 61-80 pairs, the wholesale price per pair is $19.00 each.
- For quantity 81 or more pairs, the wholesale price per pair is $17.00 each.
Now, let's substitute the appropriate wholesale price per pair into the equation to find the retail price for each range:
- For quantity 0-20 pairs: R = $25.00 + 0.8($25.00)
- For quantity 21-40 pairs: R = $23.00 + 0.8($23.00)
- For quantity 41-60 pairs: R = $21.00 + 0.8($21.00)
- For quantity 61-80 pairs: R = $19.00 + 0.8($19.00)
- For quantity 81 or more pairs: R = $17.00 + 0.8($17.00)
To determine if the equation will consistently work for each range, we need to ensure that the markup of 80% is correctly applied to the wholesale price in each case. By substituting the appropriate wholesale price into the equation for each range, we can verify that the retail price is calculated accurately and consistently according to the given markup percentage.