Asked by Elise Weidman on Jul 04, 2024
Verified
If a grocery store's rate of mark-up on selling price of tomatoes is 55%, what is the rate of mark-up on cost of the tomatoes?
Mark-up
The additional sum included in the goods' cost to cover overhead expenses and gain, represented as a portion of the total cost.
Selling Price
The amount of money for which a seller is willing to sell their product or service.
Cost
The amount that is spent to buy or produce something, including the resources and materials used.
- Understand the concept of mark-up on cost and selling price.
- Calculate the rate of mark-up on cost and on selling price.
Verified Answer
LP
Learning Objectives
- Understand the concept of mark-up on cost and selling price.
- Calculate the rate of mark-up on cost and on selling price.