Markdowns and Markups in Pricing

The video tutorial covers lesson 5.2 from the Math 7 textbook, focusing on rewriting percent expressions with markups and markdowns. It explains how to calculate new prices using variables and coefficients, and provides examples with skateboards, remote control cars, and clothing boutiques. The video also addresses common errors in markup calculations and demonstrates markdowns using bar models. Practical examples include calculating sale prices for pillows and bicycles.

What is a markup in the context of pricing?

• An increase in the original price

• A discount given to customers

• A reduction in the original price

• A fixed price for all items

If a skateboard originally costs $35 and has a markup of 42%, what is the retail price?

• $42.00

• $35.42

• $49.70

• $77.00

How do you express a 34% markup as a decimal?

• 0.34

• 3.4

• 34.0

• 0.034

What happens to the retail price when the markup percentage is increased?

• It remains the same

• It becomes zero

• It decreases

• It increases

What is a markdown in pricing terms?

• A decrease in the original price

• A bonus added to the price

• An increase in the original price

• A fixed price for all items

If an item is marked down by 20%, what percentage of the original price remains?

• 50%

• 80%

• 20%

• 100%

How would you represent a 5% markdown as a decimal?

• 0.05

• 0.5

• 5.0

• 0.005

What is the sale price of an item originally priced at $15 with a 5% markdown?

• $14.25

• $15.00

• $14.75

• $13.50

In a markdown scenario, what does the term 'discounted price' refer to?

• The original price

• The price after the markdown

• The price before any changes

• The markup amount

What is the purpose of drawing a bar model in markdown problems?

• To calculate the markup

• To visually represent the markdown

• To determine the original price

• To find the retail price