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Math  /  Numbers & Operations

QuestionQuestion 8 (2 points) Yumco is a subscription-based meal plate producer and seller. Customers can only buy the meal plates if they subscribe to the weekly plan, which includes 7 dinner plates (i.e., 1 dinner plate for each day of the week). On average, each meal plate costs $5\$ 5 to produce. The total shipment cost of the weekly plan (which includes the 7 dinner plates) is $10\$ 10. The price of the weekly subscription is $120\$ 120. Based on this, what is the markup(\%) of the weekly subscription package, rounded to the nearest whole percentage? 133\% 167\% 233\% 147%147 \%

Studdy Solution

STEP 1

1. Each meal plate costs \$5 to produce.
2. There are 7 meal plates in a weekly plan.
3. The total shipment cost for the weekly plan is \$10.
4. The price of the weekly subscription is \$120.
5. We need to calculate the markup percentage of the weekly subscription package.

STEP 2

1. Calculate the total cost of producing and shipping the meal plates.
2. Calculate the markup amount.
3. Calculate the markup percentage.

STEP 3

Calculate the total production cost of the meal plates.
Total production cost=7×$5=$35 \text{Total production cost} = 7 \times \$5 = \$35

STEP 4

Add the shipment cost to find the total cost.
Total cost=$35+$10=$45 \text{Total cost} = \$35 + \$10 = \$45

STEP 5

Calculate the markup amount by subtracting the total cost from the subscription price.
Markup amount=$120−$45=$75 \text{Markup amount} = \$120 - \$45 = \$75

STEP 6

Calculate the markup percentage using the formula:
Markup percentage=(Markup amountTotal cost)×100% \text{Markup percentage} = \left(\frac{\text{Markup amount}}{\text{Total cost}}\right) \times 100\%
Markup percentage=($75$45)×100% \text{Markup percentage} = \left(\frac{\$75}{\$45}\right) \times 100\%

STEP 7

Perform the division and multiplication to find the markup percentage.
Markup percentage=(7545)×100%≈166.67% \text{Markup percentage} = \left(\frac{75}{45}\right) \times 100\% \approx 166.67\%
Round to the nearest whole percentage:
Markup percentage≈167% \text{Markup percentage} \approx 167\%
The markup percentage of the weekly subscription package is:
167%\boxed{167\%}

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