12. if the markup is 125% on a certain brand of jeans that have a wholesale price of $30.00, what will the…

12. if the markup is 125% on a certain brand of jeans that have a wholesale price of $30.00, what will the consumer pay, if gst and pst are each 5%? 13. the markup on a restaurant meal is 250%. a meal costs $7.25 to produce. how much will the customer be charged, after markup and 5% gst are applied?

12. if the markup is 125% on a certain brand of jeans that have a wholesale price of $30.00, what will the consumer pay, if gst and pst are each 5%? 13. the markup on a restaurant meal is 250%. a meal costs $7.25 to produce. how much will the customer be charged, after markup and 5% gst are applied?

Answer

Question 12

Explanation:

Step1: Calculate price after markup

The markup is 125% of the wholesale price. The formula to find the price after markup is $P_{1}=P_{0}(1 + r_{m})$, where $P_{0}=$30$ is the wholesale price and $r_{m}=1.25$ is the markup rate. So $P_{1}=30\times(1 + 1.25)=30\times2.25=$67.5$.

Step2: Calculate combined tax rate

The GST and PST are each 5%, so the combined tax rate $r_{t}=0.05 + 0.05=0.1$.

Step3: Calculate final price

The final price $P_{f}$ that the consumer pays is $P_{f}=P_{1}(1 + r_{t})$. Substitute $P_{1} = 67.5$ and $r_{t}=0.1$ into the formula, we get $P_{f}=67.5\times(1 + 0.1)=67.5\times1.1=$74.25$.

Answer:

$74.25$

Question 13

Explanation:

Step1: Calculate price after markup

The markup rate $r_{m}=2.5$ and the production - cost $P_{0}=$7.25$. Using the formula $P_{1}=P_{0}(1 + r_{m})$, we have $P_{1}=7.25\times(1 + 2.5)=7.25\times3.5=$25.375$.

Step2: Calculate price after GST

The GST rate $r_{g}=0.05$. The final price $P_{f}$ that the customer is charged is $P_{f}=P_{1}(1 + r_{g})$. Substitute $P_{1}=25.375$ and $r_{g}=0.05$ into the formula, we get $P_{f}=25.375\times(1 + 0.05)=25.375\times1.05=$26.64375\approx$26.64$.

Answer:

$26.64$