1. A furniture store sold picnic chair for $22.95 during a promotional sale. The store bought the picnic chair for $36 less 40%, 15%. Overhead is 25% of the regular selling price. a) If the store's markup is 40% of the regular selling price, what was the rate of markdown? b) What operating profit or loss was made during the sale? c) What rate of markup based on cost was realized?

1. A furniture store sold picnic chair for $22.95 during a promotional sale. The store bought the picnic chair for $36 less 40%, 15%. Overhead is 25% of the regular selling price. a) If the store's markup is 40% of the regular selling price, what was the rate of markdown? b) What operating profit or loss was made during the sale? c) What rate of markup based on cost was realized?

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 8SQP

See similar textbooks

Similar questions

The figure shows graphs of the total cost function and the total revenue function for a commodity. (Assume cost and revenue are measured in dollars.) 500 400 300 200 100 میرا 10 20 30 (a) Label each function correctly. function A -Select- function B -Select- (b) Determine the fixed costs. (c) Locate the break-even point. A B 40 50 60 Determine the number of units sold to break even. units (d) Estimate the marginal cost MC and marginal revenue MR. MC = MR-
(c) What is the cost of the 4,098th tux? (d) What is the variable cost? LA What is the fixed cost? $ What is the marginal cost? ta
10. Smart Phones, Inc. buys one model of smartphone, paying $2370 per case of 20 phones. Find the asking price for each assuming a 40% markup on cost.
Break even point analysis 1. A manufacturing business that is involved in manufacturing and selling a single product. The annual fixed expenses to run the business are $15000 and variable expenses are $7.50 per unit. The sale price of your product is $15 per unit. A. Formulate the total revenue, total cost, and profit B. Find the break-even point quantity and revenue. C. Find the number of units to sell if the estimated profit is $50,000 D. Find the total profit if the total units sold is 5000 units. E. Find the units to sell to break-even the fixed expenses. 2. It costs a publishing company 50,000 dollars to make books. The 50,000 is a fixed cost or cost that cannot change. To help the publishing company sell the books, how many books should they sell to break even? 3. A manufacturing company supplies its products to construction job sites. The average monthly fixed cost pee site is $4,500, while each unit cost $35 to produce and selling price is $50 per unit.Determine the…
Calculate total revenue given:- Profit = $500 Total cost = $1100
Given the cost information below if this firm increases its production and sales from 3 to 4 unites per day given a market price of $2500 per unito the profit margin: Quality produced/day Total Cost 0 $2k 1 $2500 2 $2800 3 $3300 4 $4100 5 $5300 6 $7k a.) will fall b.) will stay the same c.) will increase
A shoe company manufactures and sells a pair of shoes with the folowing cost and revenue data: Selling price Per Unit (AED) 75 Variable cost Per Unit (AED) 20 Total fixed expenses per month are as follows: Expenses types Advertising AED 388,348 Rent 90,000 Heating 80,000 a. How many units would the company have to sell to have a profit of AED 150,000?
Find the Total Cost, Marginal Cost, Total Revenue, Marginal Revenue, and Profit/Loss. Q TFC TVC TC MC TR MC PROFIT/LOSS 0 400 0 100 400 50 200 400 100 300 400 130 400 400 180 500 400 220 600 400 350 700 400 450 800 400 600 price of steel is P150/unit
Calculate the value of total revenue if total cost is $6500 and profits are $800
based on the information in the table what is marla's profit margin? total revenue-$1,400total cost- $900average cost- $7fixed cost-$700quantity-200
Cost/Unit $30 $23 $20 $18 $10 25 ATC₁ 30 ATC₂ 40 ATC₂ 45 ATC4 Output
\table[[\table[[Output], [per], [Month]], Price, \table[[Total], [Revenue]], Total Cost,Total Profit, \table [[Marginal], [ Revenue** Output per Month Price 0 $1,000 100 Total Revenue $0 1,000 100,000 Total Cost Total Profit Marginal Revenue* Average Revenue* Profit per Cost Total Cost Unit (Price - ATC) $60,000 -$60,000 90,000 10,000 $1,000 $300 $900 $100 200 1,000 200,000 130,000 70,000 1,000 400 650 350 300 1,000 300,000 180,000 120,000 1,000 500 600 400 400 1,000 400,000 240,000 160,000 1,000 600 600 400 500 1,000 500,000 320,000 180,000 1,000 800 640 360 600 1,000 600,000 420,000 180,000 1,000 1,000 700 300 700 1,000 700,000 546,000 154,000 1,000 1,260 780 220 800 1,000 800,000 720,000 80,000 1,000 1,740 900 100 900 1,000 900,000 919,800 -19,800 1,000 1,998 1,022 -22 "Note that output levels are calibrated in hundreds in this example; that's why we have divided the change in total costs and revenues from one output level to another by 100 to calculate marginal revenue and marginal…