1) You have made two of the exact same necklaces that cost you a total of $15 in supplies. You have chosen to mark up the price by 15%. How much will each necklace be sold at and how much will you make in profit for each?
2) Each item you are selling you want to earn at least 1 dollar or more on. If you want to use the same percent markup for all items, then what percent markup will work for all items on the list below to earn you at least $1 or more in profit? (Use only whole percent numbers 12%, 34% etc.) Item: _______ Cost in supplies:_________
Necklace 8.00
Rocking horse 15.00
Spin top 1.50
Emerald ring 35.00
Metal Nativity Scene 25.00
Purse 3.00
Wooden bookmark 1.60
(Number 2 have to have a percent based on each item)
+775 Question 1) 2 necklaces are $15 without marking up the price, so each necklace is $7.50. If the price is marked up by 15%, we can multiply 15 by \(\dfrac{115}{100} \Rightarrow \dfrac{23}{20}\) to get 17.25.
Each individual necklace is $8.625, or $8.63. Each necklace will be sold for $\(\boxed{8.63}\), and the profit for each necklace is 8.63 - 7.50 = \(\boxed{\$ 1.13}\).
- PM
+775 Question 2) All of the items must be sold to profit at least $1, so we must choose the cheapest item to make sure that the markup percentage suits all of the items.
The cheapest item is the Spin Top, costing $1.50 (Man, that is an expensive top!). $1 is 2/3, or 66.6%, of the price of the top, so we must increase the markup price by at least \(\boxed{67\%}\) to get at least a $1 profit on all items.
Hope this helps,
- PM 
