The cost of the TV will be $ 315
The dollar markup of the TV will be $ 1015
<h3 /><h3>What is a markup price?</h3>
The markup is the difference in prices between the cost of producing the product or service and the price at which it is sold. Businesses must tack on a markup on top of their total expenditures in order to guarantee a profit and recoup the costs associated with producing a good or service.
The information provided is:
The selling price of the TV = is $700
The markup cost of the TV = 45% of the cost
The dollar markup cost will be
= 700 * 45%
= $315
The new cost that will be generated will be
= 700 + 315
=$1015
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Answer:
cross-price elasticity formula = % change in quantity demanded of good X / % change in price of good Y
cross-price elasticity of demand between splishy splashies and frizzles (or is it flopsicles?) = 4% / -5% = -0.8, complement goods. When the cross price elasticity is negative, then the goods complement each other.
cross-price elasticity of demand between splishy splashies and cannies (or is it kippies?) = -5% / -5% = 1, substitute goods. When the cross price elasticity is positive, then the goods substitute each other.
If you are about to launch a marketing campaign for splishy splashies, then you should include frizzles in it.
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