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? (2 points)
Let x be the wholesale price for each range. To find the retail price for each range, we use the formula:
Retail Price = Wholesale Price + (Wholesale Price * Markup Percentage)
The markup percentage is 80%.
Therefore, the equation that could be used to find the retail price for each range is:
Retail Price = x + (x * 0.8)
We know this equation will work consistently for each range because the markup percentage is constant and applied to the wholesale price in all cases. Additionally, the equation accounts for the variation in the wholesale price based on the quantity of shoes purchased.
Can you summarize your answer
The equation to find the retail price for each range of shoes is:
Retail Price = Wholesale Price + (Wholesale Price * 0.8)
This equation will work consistently for each range because it accounts for the constant markup percentage of 80% and adjusts for the variation in the wholesale price based on the quantity of shoes purchased.
Can you provide the answer as well
Certainly! The equation to find the retail price for each range is:
Retail Price = Wholesale Price + (Wholesale Price * 0.8)
For example, if the wholesale price for a range is $25.00 each, the retail price would be:
Retail Price = $25.00 + ($25.00 * 0.8)
Retail Price = $25.00 + $20.00
Retail Price = $45.00
Similarly, you can find the retail price for each range by substituting the corresponding wholesale price in the equation.
To find the retail price for each range, we can use the equation:
Retail price = Wholesale price + (80% of Wholesale price)
Since the retail price is calculated by adding 80% of the wholesale price, the equation will consistently work for each range because the percentage markup remains the same regardless of the wholesale price.
To write an equation that can be used to find the retail price for each range, we need to consider the markup percentage and the wholesale price for each range.
Let's represent the wholesale price for each range as "W" and the retail price as "R". The markup percentage is 80%, which means the retail price is 80% more than the wholesale price. Mathematically, this can be represented as:
R = W + (80% of W)
To calculate 80% of W, we need to multiply W by 0.8. So, the equation becomes:
R = W + 0.8W
Combining like terms, we have:
R = 1.8W
Now, let's analyze if this equation will work consistently for each range. Since the wholesale price varies based on the quantity of shoes purchased, the equation needs to adapt to the different wholesale prices.
By using the equation R = 1.8W, we are calculating the retail price by multiplying the wholesale price by 1.8 (or adding 80% to the wholesale price), which ensures consistency in applying the same markup percentage to each range.
For example, let's consider the range of 0-20 pairs with a wholesale price of $25.00 each. Plugging in the values, we have:
R = 1.8(25)
R = 45
The retail price for this range would be $45.00. Similarly, this equation can be used for the other ranges by substituting the corresponding wholesale price.