Calculate the Missing Information, Rounding Dollars to the Nearest Cent

question 137

Short Answer

Calculate the missing information, rounding dollars to the nearest cent and percents to the nearest tenth percent: $\begin{array}{c}\begin{array}{lll}\\\underline{\text {Item}}\\\text {Sweater} \end{array}\begin{array}{lll}\\\underline{\text {Cost}}\\\$ 23.50\end{array}\begin{array}{lll}\\\underline{\text {Markup}}\\ \$ 2.82 \end{array}\begin{array}{lll}\text {Amount of}\\\underline{\text {Selling Frice}}\\\\\end{array}\begin{array}{lll}\text {Percent Markup}\\\underline{\text {Based on Cost}}\\\\\end{array}\end{array}$

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Definitions:

Surplus

The amount of a commodity or service available beyond what is directly needed by its consumers, often leading to lower prices.

Demand and Supply of Wheat

The relationship between the quantity of wheat buyers are willing to purchase and the quantity of wheat producers are willing to sell at various prices.

Temporary Price

A price set for a product or service for a limited period before it is expected to change.

Surplus

The situation in which the quantity of a good supplied exceeds the quantity demanded, often leading to lower prices.