At The Luminary, the markup on a halogen light fixture is 50% based on selling price. What is the corresponding percent markup based on cost?
Unless I'm missing something, I don't see how this question provides enough information to answer it. Is this a smaller part of a longer form question? Is this based on an economic theory perhaps?
Unless there is some other fact missing, I would guess they are conflating selling price and cost, and the answer is 50%...
this is business math deal with markup and markdown
ok well then lets see.
if the selling price were $100 and the markup was %50 based on that that implies $50 of profit, meaning the cost is also $50.
so if the cost is $50 and the markup is $50 then the markup based on the cost is %100 (meaning you are not only making back the $50 you spent to get the product, you are making another $50 on top of that).
so i stand corrected i guess you can answer the question and the answer is %100
does that make sense?
To find the corresponding percent markup based on cost, we first need to understand the relationship between markup percentage based on selling price and markup percentage based on cost.
The markup percentage based on selling price is calculated by dividing the profit by the selling price and then multiplying by 100. Mathematically, it can be represented as:
Markup percentage based on selling price = (Profit / Selling Price) * 100
On the other hand, the markup percentage based on cost is calculated by dividing the profit by the cost price and then multiplying by 100. Mathematically, it can be represented as:
Markup percentage based on cost = (Profit / Cost Price) * 100
Now, in this case, we are given that the markup on a halogen light fixture is 50% based on the selling price. Let's assume the selling price of the halogen light fixture is S.
Markup percentage based on selling price = 50%
Profit = Markup percentage based on selling price * Selling Price
Profit = 0.5 * S
Now, let's assume the cost price of the halogen light fixture is C.
Markup percentage based on cost = (Profit / Cost Price) * 100
Markup percentage based on cost = (0.5 * S / C) * 100
To find the corresponding percent markup based on cost, we need to calculate the ratio of the profit to the cost price and then multiply by 100.
So, the corresponding percent markup based on cost is: (0.5 * S / C) * 100.
Without knowing the values of the selling price or the cost price, we cannot determine the exact corresponding percent markup based on cost. But if you have those values, you can substitute them into the formula to calculate the percentage.