Find the markup and markup rate of each product. [6.4] 30. cost of a mirror: \( \$ 5 \) 31. cost of an electric skateboard: \( \$ 125 \) retail price: \( \$ 9 \)

To find the markup and markup rate for each product, we can follow these steps: 1. **Markup Calculation**: The markup is calculated as the difference between the retail price and the cost price. \[ \text{Markup} = \text{Retail Price} - \text{Cost Price} \] 2. **Markup Rate Calculation**: The markup rate is calculated as the markup divided by the cost price, expressed as a percentage. \[ \text{Markup Rate} = \left( \frac{\text{Markup}}{\text{Cost Price}} \right) \times 100 \] Now, let's apply these formulas to each product. ### Product 1: Mirror - Cost Price: \( \$ 5 \) - Retail Price: \( \$ 9 \) **Step 1: Calculate Markup** \[ \text{Markup} = 9 - 5 = 4 \] **Step 2: Calculate Markup Rate** \[ \text{Markup Rate} = \left( \frac{4}{5} \right) \times 100 = 80\% \] ### Product 2: Electric Skateboard - Cost Price: \( \$ 125 \) - Retail Price: \( \$ 9 \) **Step 1: Calculate Markup** \[ \text{Markup} = 9 - 125 = -116 \] **Step 2: Calculate Markup Rate** Since the markup is negative, it indicates a loss rather than a markup. The markup rate will also be negative. \[ \text{Markup Rate} = \left( \frac{-116}{125} \right) \times 100 = -92.8\% \] ### Summary of Results - **Mirror**: - Markup: \( \$ 4 \) - Markup Rate: \( 80\% \) - **Electric Skateboard**: - Markup: \( -\$ 116 \) (indicating a loss) - Markup Rate: \( -92.8\% \) These calculations show the markup and markup rate for both products.