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2 years ago

A car seller buys a car from a manufacturer for $8,000. He increases the cost by 6 percent. What is the markup value?

Mathematics

2 answers:

Angelina_Jolie [31]2 years ago

5 0

The answer is $480

8,000 x 6% = 480

murzikaleks [220]2 years ago

4 0

Mark up value is either a fixed amount or a percentage of the total cost or selling price.

In this problem, mark up value is the percentage of the total cost.

To determine the retail price, total cost and mark up must be added.

Selling Price = Total Cost + Mark up value based on Total Cost

However, we are looking for the Total cost. Thus, our formula should be

Total Cost = Selling Price - Mark up value based on Total Cost.

Let X = total cost.
Selling Price = $8,000
Mark up vale = 6% of total cost.

X = $8,000 - 6%X
X = $8,000 - 0.06X

To get X, transfer -0.06X to the other side and change its sign from negative to positive.

X + 0.06X = $8000
1.06X = $8000

To get X, divide both sides by 1.06

1.06X / 1.06 = $8000 / 1.06

X = $7,547.17 total cost.

The problem is looking for the mark up value and since it states that the mark up value is 6% of the total cost, then:

Total Cost x 6% = Mark up value

$7,547.17 x 0.06 = $452.83 mark up value

To check:

X + 0.06X = $8000

$7547.17 + $452.83 = $8000
$8000 = $8000 equal.

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A genetic experiment involving peas yielded one sample of offspring consisting of 420 green peas and 174 yellow peas. Use a 0.01

slavikrds [6]

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a) $z=\frac{0.293 -0.23}{\sqrt{\frac{0.23(1-0.23)}{594}}}=3.649$

b) For this case we need to find a critical value that accumulates $\alpha/2$ of the area on each tail, we know that $\alpha=0.01$ , so then $\alpha/2 =0.005$ , using the normal standard table or excel we see that:

$z_{crit}= \pm 2.58$

Since the calculated value is higher than the critical value we have enough evidence to reject the null hypothesis at 1% of significance.

Step-by-step explanation:

Data given and notation

n=420+174=594 represent the random sample taken

X=174 represent the number of yellow peas

$\hat p=\frac{174}{594}=0.293$ estimated proportion of yellow peas

$p_o=0.23$ is the value that we want to test

$\alpha=0.01$ represent the significance level

Confidence=99% or 0.99

z would represent the statistic (variable of interest)

$p_v$ represent the p value (variable of interest)

Concepts and formulas to use

We need to conduct a hypothesis in order to test the claim that the true proportion of yellow peas is 0.23:

Null hypothesis: $p=0.23$

Alternative hypothesis: $p \neq 0.23$

When we conduct a proportion test we need to use the z statisitc, and the is given by:

$z=\frac{\hat p -p_o}{\sqrt{\frac{p_o (1-p_o)}{n}}}$ (1)

The One-Sample Proportion Test is used to assess whether a population proportion $\hat p$ is significantly different from a hypothesized value $p_o$ .

Calculate the statistic

Since we have all the info requires we can replace in formula (1) like this:

$z=\frac{0.293 -0.23}{\sqrt{\frac{0.23(1-0.23)}{594}}}=3.649$

Statistical decision

It's important to refresh the p value method or p value approach . "This method is about determining "likely" or "unlikely" by determining the probability assuming the null hypothesis were true of observing a more extreme test statistic in the direction of the alternative hypothesis than the one observed". Or in other words is just a method to have an statistical decision to fail to reject or reject the null hypothesis.

The significance level provided $\alpha=0.05$ . The next step would be calculate the p value for this test.

Since is a bilateral test the p value would be:

$p_v =2*P(z>3.649)=0.00026$

So the p value obtained was a very low value and using the significance level given $\alpha=0.05$ we have $p_v$ so we can conclude that we have enough evidence to reject the null hypothesis.

b) Critical value

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$z_{crit}= \pm 2.58$

Since the calculated value is higher than the critical value we have enough evidence to reject the null hypothesis at 1% of significance.

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