A grocer has purchased a truckload of frozen dinners for $2 each. The grocer operates on a margin of 20% for frozen food items (the retailer uses the retail mark-up formula). What is the retail price to the consumer?
Retail price = Cost + % of markup * cost
= $2 +( 20/100)*2 = $2.4
Therefore, the retail price for the consumer is $2.4
This is the price that grocer has set.
A grocer has purchased a truckload of frozen dinners for $2 each. The grocer operates on...