Calculate the Missing Information, Rounding Dollars to the Nearest Cent

question 110

Short Answer

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $$\begin{array} { l l l l l } & \text { Original } & \text { Amount of } & \text { New Sale } & \text { Markdown } \\\text { Item } & \text { Selling Frice } & \underline { \text { Markdown } } & \underline { \text { Price } } & \underline { \text { Percent } } \\\text { Necklace } & & & \$ 249.00 & 20 \%\end{array}$$

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Definitions:

Variable Factors

inputs in production that can be adjusted in the short term, such as labor and raw materials, contrasted with fixed factors like machinery.

Production Function

An equation or graph showing how output changes with variations in input factors, holding all else constant.

Decreasing Marginal

In economics, a situation where each additional unit of input results in a smaller increase in output compared to previous units.

Increasing Returns

A situation in production where an increase in the amount of inputs results in a disproportionately larger increase in output.