Assume Markup Is Based on Cost

question 48

Short Answer

Assume markup is based on cost. If the cost of a table is $62 and it sells for $110, what is the percent of markup based on cost? Round to the nearest hundredth percent.

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Definitions:

Micromanagement

A management style where a manager closely observes or controls the work of subordinates or employees.

Theory Y

A management concept that assumes employees are self-motivated, enjoy work, and will seek and accept responsibility and self-direction.

Empower

To give someone the authority or power to do something or to make someone stronger and more confident, especially in controlling their life and claiming their rights.

Theory X

A theory of management that assumes employees are inherently lazy and require strict supervision and control to be productive.