a) 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 $25.00 each $23.00 each $21.00 each $19.00 each $17.00 each (per pair)
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?
Let "x" be the quantity of shoes purchased. The equation that could be used to find the retail price for each range is:
Retail price = (Wholesale price + (Wholesale price * 0.8)) * x
This equation will work consistently for each range because it takes into account the wholesale price for each range and adds a markup of 80% to calculate the retail price. The quantity "x" is multiplied to account for the number of pairs purchased in each range.
Is that right???
Apologies for the mistake. The correct equation to find the retail price for each range would be:
Retail price = Wholesale price + (Wholesale price * 0.8)
This equation will work consistently for each range because it adds a markup of 80% to the wholesale price, which is the same for all ranges.
Is that right??
Apologies for the confusion. The correct equation to find the retail price for each range would be:
Retail price = Wholesale price + (Wholesale price * 0.8)
This equation will work consistently for each range because it adds a markup of 80% to the wholesale price, which is the same for all ranges.
To find the retail price for each range of shoes, we can use the following equation:
Retail price = Wholesale price + (80% of Wholesale price)
Let's break down the equation for each range of shoes:
1) For the range of 0-20 pairs:
Wholesale price = $25.00
Retail price = $25.00 + (0.80 * $25.00) = $25.00 + $20.00 = $45.00
2) For the range of 21-40 pairs:
Wholesale price = $23.00
Retail price = $23.00 + (0.80 * $23.00) = $23.00 + $18.40 = $41.40
3) For the range of 41-60 pairs:
Wholesale price = $21.00
Retail price = $21.00 + (0.80 * $21.00) = $21.00 + $16.80 = $37.80
4) For the range of 61-80 pairs:
Wholesale price = $19.00
Retail price = $19.00 + (0.80 * $19.00) = $19.00 + $15.20 = $34.20
5) For the range of 81 or more pairs:
Wholesale price = $17.00
Retail price = $17.00 + (0.80 * $17.00) = $17.00 + $13.60 = $30.60
We can see that for each range, we take the wholesale price and add 80% of the wholesale price to find the retail price. This equation will consistently work for each range of shoes, ensuring that the retail prices are accurately calculated based on the wholesale prices.
To write an equation that can be used to find the retail price for each range, we need to consider the markup percentage applied to the wholesale price.
Let's start by defining the variable "x" as the wholesale price for each range. Based on the given information, we can see that the markup percentage is 80%.
To calculate the retail price, we need to add the markup to the wholesale price:
Retail Price = Wholesale Price + (Markup Percentage * Wholesale Price)
In this case, the markup percentage is 80%, which can be written as 0.80 in decimal form. Let's substitute these values into the equation:
Retail Price = x + (0.80 * x)
Simplifying the equation, we have:
Retail Price = 1.80 * x
Therefore, the equation that can be used to find the retail price for each range is:
Retail Price = 1.80 * x
We can be confident that this equation will work consistently for each range because the markup percentage remains constant at 80%, regardless of the quantity of shoes purchased. As long as we substitute the correct wholesale price for each range into the equation, the resulting retail price will be accurate.