RV World Sells a Make of Motor Home for $66

question 149

Essay

RV World sells a make of motor home for $66 725. This regular selling price covers overhead of 12% of cost and a normal profit of 30% of cost. The cruisers were marked with a new regular selling price so that the company can offer a 25% discount while still maintaining its regular gross profit. At the end of the summer season, the motor home was marked down. The company made 20% of its usual profit and reduced the usual commission paid to the sales personnel by 27%. The normal commission accounts for 45% of the normal overhead. What was the rate of markdown?

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Definitions:

Alternative Hypothesis

A statement that indicates there is a statistically significant difference between two or more sets of data.

One-Sided Hypothesis

A one-sided hypothesis test, also known as a directional hypothesis, tests the possibility of a relationship in a specific direction.

Null Hypothesis

A default hypothesis that there is no significant difference or effect, often tested against an alternative hypothesis in statistical analysis.

Two-Tail Test

A statistical test that considers both directions of a distribution to determine if there is a significant difference from the hypothesized value, useful for checking inequalities.