Agenda * Move Vocab Slides to you Math Folder * Turn in Checkups * Lesson 7

Transcription

1 Agenda * Move Vocab Slides to you Math Folder * Turn in Checkups * Lesson 7 Objective: Students understand the terms original price, selling price, markup, markdown, markup rate and markdown rate

2 Lesson 7: Markups & Markdowns Objective: Students understand the terms original price, selling price, markup, markdown, markup rate and markdown rate

3 Quick discussion: Suppose a brand of sneakers costs $30 to manufacture in Omaha, Nebraska. The shoes are then shipped to stores across the country. When you see the on the shelves, the price is $70. How do you think the price you pay for sneakers is determined? Markup Markdown Original Price Selling Price Markup/Markdown rate

4 Example 1-Page 40 Games Galore Super Store buys the latest video game at a wholesale price of $ The markup rate at Game's Galore Super Store is 40%. You use your allowance to purchase the game at the store. How much will you pay, not including tax? a. Write an equation to find the price of the game at Games Galore Super Store. Explain your equation. b. Solve the equation from part (a). c. What was the total markup of the video game? Explain. d. You and a friend are discussing markup rate. He says that an easier way to find the total markup is by multiplying the whole sale price $30.00 by 40%. Do you agree with him? Why or why not?

5 Example 2-Page 41 A $300 mountain bike is discounted by 30% and then discounted an additional 10% for shoppers who arrive before 5:00 am. e. Find the sale price of the bicycle. f. In all, by how much has the bicycle been discounted in dollars? Explain. g. After both discounts were taken, what was the total percent discount?

6 Exercises 1-3: Page Sasha went shopping and decided to purchase a set of bracelets for 25% off the regular price. If Sasha buys the bracelets today, she will save an additional 5%. Find the sales price of the set of bracelets with both discounts. How much money will Sasha save if she buys the bracelets today? (44) = (33) = $31.35 She will save $ A golf store purchases a set of clubs at a wholesale price of $250. Mr. Edmond learned that the clubs were marked up 200%. Is it possible to have a percent increase greater than 100%? What is the retail price of the clubs. Yes, it just means the retail price will be greater then the wholesale price (250) = $750 retail price 3. Is a percent increase of a set of golf clubs from $250 to $750 the same as a markup rate of 200%. Explain. Yes. The increase is $500 which makes the following equation true: 500 = 200%(250)

7 Example 4 - Page 43 A car that normally sells for $20,000 is on sale for $16,000. The sales tax is 7.5%. a. What percent of the original price of the car is the final price? b. Find the discount rate. c. By law, sales tax has to be applied to the discount price. However, would it be better for the consumer if the 7.5% sales tax was calculated before the 20% discount was applied? Why or why not?

8 Exercises 4-Page 44 e. Write an equation to determine the selling price in dollars, p, on an item that is originally priced s dollars after a markup of 25%. March 19, 2018 f. Create and label a table showing five possible pairs of solutions to the equation g. Create and label a graph of the equation h. Interpret the points (0,0) and (1,r) (0,0) - When the original price is $0 the markup will also be $0 (1, r) - In the case (1, 12.50) which means when the item original costs $1, the markup will be $12.50.

9 Exercise 5 - Page 45 Use the following table to calculate the markup or markdown rate. Show your work. Is the relationship between the original price and the selling price proportional or not? Explain. 1400/1750 = /1500 = /1250 = /1000 = /750 = 0.8 The relationship is proportional because the constant of proportionality is 0.8. The equation would be p = 0.8m which means the selling price is 80% of the original price making it a 20% markdown or percent decrease.

10 Lesson Summary- Ask yourself: * Does my percent & quantity represent the same thing? * Are we comparing a part to a total? Formula? Percent(Whole) = Part * Are we comparing two parts? Formula? Percent(Whole) = Quantity * Is it a percent increase or decrease? Formula? Original - Percent(Original) = New Amount or Original + Percent(Original) = New Amount

11 Homework * Finish Page * Q3:9 due THURSDAY, 3/22