Question

A furniture dealer purchased a desk for $150 and then set the selling price equal to the purchase price plus a markup that was 40 percent of the selling price. If the dealer sold the desk at the selling price, what was the amount of the dealer’s gross profit from the purchase and the sale of the desk? (A) $40 (B) $60 (C) $80 (D) $90 (E) $100

Name: a furniture dealer purchased a desk for 150 and then set the selling price equal to the purchase price plus a markup that was 40 percent of the selling price if the dealer sold the desk at t 97682
Uploaded: 2022-06-08T16:14:39-08:00
Duration: 1 min 39 s
Channel: Azat Nurmukhametov
Description: a furniture dealer purchased a desk for 150 and then set the selling price equal to the purchase price plus a markup that was 40 percent of the selling price if the dealer sold the desk at t 97682

          A furniture dealer purchased a desk for $150 and then set the selling price equal to the purchase price plus a markup that was 40 percent of the selling price. If the dealer sold the desk at the selling price, what was the amount of the dealer’s gross profit from the purchase and the sale of the desk? 
(A) $40
(B) $60
(C) $80
(D) $90
(E) $100

Added by Christopher B.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Azat Nurmukhametov

06/08/2022

Step 1

Given that the purchase price is $150 and the markup is 40% of the selling price, we can set up the equation: $150 + 0.4x = x Solving for x, we get: $150 + 0.4x = x 0.6x = $150 x = $250 Show more…

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A furniture dealer purchased a desk for $150 and then set the selling price equal to the purchase price plus a markup that was 40 percent of the selling price. If the dealer sold the desk at the selling price, what was the amount of the dealer’s gross profit from the purchase and the sale of the desk? (A) $40 (B) $60 (C) $80 (D) $90 (E) $100