Understanding Markups and Discounts

The lesson covers the concepts of markups and markdowns, explaining how to calculate selling prices and discounts using percentages. It includes practical examples, such as a GameStop video game pricing problem and a Black Friday mountain bike discount scenario. The lesson emphasizes understanding the relationship between original prices, markup/markdown rates, and final selling prices, encouraging students to apply these concepts in multi-step problems.

What is the primary objective of the lesson on markups and markdowns?

• To understand the impact of taxes on pricing

• To demonstrate mathematical ability in identifying original prices and solving markup and markdown problems

• To explore the role of marketing in retail

• To learn about the history of retail pricing

Which term describes the price at which a store sells an item after a markup?

• Discount Price

• Original Price

• Selling Price

• Wholesale Price

If a store marks down an item, what does this mean?

• The item is being sold at a higher price

• The item is being sold at a wholesale price

• The item is being sold at a lower price

• The item is being sold at the original price

In the video game example, what is the selling price if the markup rate is 40% on a $30 wholesale price?

• $50

• $30

• $42

• $40

How much profit does GameStop make on the video game sale?

• $12

• $8

• $15

• $10

What is the first step in calculating the final price of the mountain bike after a 30% discount?

• Divide the original price by 0.7

• Multiply the original price by 1.3

• Subtract 30% from the original price

• Add 30% to the original price

After applying a 30% discount, what is the next step to find the final price if an additional 10% discount is offered?

• Multiply the discounted price by 1.1

• Subtract 10% from the discounted price

• Add 10% to the discounted price

• Divide the discounted price by 0.9

What is the final price of the mountain bike if both discounts are applied?

• $200

• $180

• $210

• $189

What should students do before coming to class according to the conclusion of the lesson?

• Write a report on markups

• Answer five questions for a grade

• Prepare a presentation on markdowns

• Complete a group project

What is the purpose of the discussion board mentioned in the conclusion?

• To post class notes

• To write questions for class discussion

• To submit homework assignments

• To share video tutorials