An Item Costing $50 Was Marked Up 40% of the Cost

question 192

Short Answer

An item costing $50 was marked up 40% of the cost price and then reduced for a quick sale by 40% of the selling price. What was the sale price?

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Definitions:

Equity Theory Model

A theory that suggests individuals are motivated by a sense of fairness in their interactions and that they compare their own ratio of efforts and rewards with that of others.

Comparison Other

A reference point in social comparison theory, where individuals evaluate themselves in relation to others to assess accomplishments, abilities, or status.

Self-image

An individual’s conception of themselves, which can include perceptions of their abilities, appearance, and personality.

Social Sources

The origins from which individuals or organizations obtain social support, norms, or influences.