Calculate the Missing Information, Rounding Dollars to the Nearest Cent

question 141

Short Answer

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $\begin{array}{c}\begin{array}{lll}\\\underline{\text {Item}}\\\text { Toy}\end{array}\begin{array}{lll}\\\underline{\text {Cost}}\\\\\end{array}\begin{array}{lll}\\\underline{\text {Markup}}\\\$4.89\end{array}\begin{array}{lll}\text {Amount of}\\\underline{\text {Selling Frice}}\\\$9.78\end{array}\begin{array}{lll}\text {Percent Markup}\\\underline{\text {Based on Cost}}\\\\\end{array}\end{array}$

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Definitions:

Nondurables

Goods with a short life span and typically consumed in a short period after purchase, such as food, beverages, and paper products.

Services

Activities, benefits, or satisfactions that are offered for sale that are essentially intangible and do not result in the ownership of anything.

Murray Weidenbaum

An American economist known for his contributions to public policy, environmental economics, and as a key economic advisor during the Reagan administration.

Thorstein Veblen

A prominent American economist and sociologist known for his theories on the social implications of economic behaviors, particularly conspicuous consumption and leisure class.