Markups and Markdowns

Front

What is a markup?

Back

A markup is an increase in the original price of a product, often expressed as a percentage of the cost.

Front

What is a markdown?

Back

A markdown is a reduction in the original price of a product, often expressed as a percentage of the original price.

Front

Define constant of proportionality.

Back

The constant of proportionality is the constant value (k) that relates two proportional quantities, showing how one quantity changes in relation to another.

Front

If k = 2, what does this imply about the relationship between the two quantities?

Back

It implies that for every unit increase in one quantity, the other quantity increases by 2 units.

Front

What is a proportion?

Back

A proportion is an equation that states that two ratios are equivalent.

Front

How do you find the constant of proportionality from a table of values?

Back

Divide the value of one quantity by the corresponding value of the other quantity to find k.

Front

If a car travels 420 miles in 8 hours, what is its speed in miles per hour?

Back

Speed = Distance/Time = 420 miles / 8 hours = 52.5 miles per hour.

Front

What is the formula to calculate the new price after a markup?

Back

New Price = Original Price + (Markup Percentage × Original Price).

Front

What is the formula to calculate the new price after a markdown?

Back

New Price = Original Price - (Markdown Percentage × Original Price).

Front

If a product originally costs $50 and has a 20% markup, what is the new price?

Back

New Price = $50 + (0.20 × $50) = $60.