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Understanding Wholesale and Retail Pricing: Ratios & Percent Changes

This resource covers essential shopping vocabulary, including wholesale price, retail price, and sale discounts. It explains how to calculate markup and markdown prices using examples of prices and ratios. Learn how to determine the percentage increase or decrease between original and new prices through applied word problems. Examples include calculating markup on board shorts and discount on strollers. Ideal for students looking to understand practical applications of pricing and ratios in everyday shopping scenarios.

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Understanding Wholesale and Retail Pricing: Ratios & Percent Changes

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  1. % increase and decrease notesAbsentTues/Wed 2/25,26

  2. Shopping vocabulary and setting up ratiosVocabulary1. Wholesale price, regular price, original price: this means this is the original price that an item sells for.2. Retail price: the new price that an item sells for or it is the original price before a sale price is given. 3. Sale: this is a discount that comes off the original price. It is either given in % or in a $ amount.Finding a markup price or mark down price set upnew price - original priceRatio set up with word problems finding %Change between the original price and new priceoriginal price% sentences with word problems What is _____ % of _____unknown=change to decimalMultiplyoriginal price

  3. Price Mark Up Example • Sun Diego is selling board shorts. The wholesale price that they got them for was $15.50. The retail price that they sold them for was $28.75. What was the price markup? $28.75 new price - $15.50 original price $13.25 markup Solution • What is the new price of the board shorts? • The retail price is the new price. $28.75. • What is the original price of the board shorts? • The wholesale price is the original price. $15.50. • What do we do with the 2 different amounts? • We subtract them and find the markup. $13.25 markup

  4. % increase Example • South Coast surf shop buys van shoes at a wholesale price of $25. South Coast sells the shoes for a retail price of $41. What is the % markup for the shoes? $16change $25 original .64 25 16.00 -150 100 -100 0 Solution • What is the new price of the vans? • The retail price is the new price. $41. • What is the original price of the vans? • The wholesale is the original price. $25. • What is the change between the 2 prices? • The change is $16. • How do we set up a ratio using these two prices so we can find the % markup? • Change in price original price 64% markup

  5. % decrease Example • Bennett bought a stroller on sale for $25. The strollers retail price is $75. What is the % discount of the stroller? $50change $75 original .66 75 50.00 -450 500 -450 50 Repeating decimal round to 67% Solution • What is the new price of the stroller? • The new price is the sale price. $25. • What is the original price of the stroller? • The original price is the retail price. $75.00. • What is the change between the 2 prices? • The change is $50. • How do we set up a ratio using these two prices so we can find the % markup? • Change in price original price 67% discount

  6. % increase Example • Find the % increase. 8 is increased to 14. 6 change 8 original .75 8 6.00 -56 40 -40 0 Solution • What is the original #? • The original # is 8. • What is the new #? • The new # is 14. • What is the change between the 2 #’s? • The change is 6. • How do we set up the ratio to find the % increase? • Change in # original # 75% increase

  7. % sentences Example • A soccer ball originally cost $25. Chris bought the ball on sale for 30% off the original price. How much $ was deducted off the ball? x = 30% x 25 what is % multiply price x = .30(25) x = 7.5 or $7.50 Solution • What is the unknown in this problem? • The unknown is how much money was taken off the soccer ball. • What is the % discount? • 30% • What is the original price of the soccer ball? • $25 • What does the word “IS” mean? • IS means =. • What does the word “OF” mean? • OF means multiply. $7.50 was deducted

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