4 [burger] Max owns his own specialty burger food truck. He's deciding on a price for his new burgercalled The Best Burger. Max decides he'll use markup pricing and wants to mark it up 30%. The costof goods for each burger is $4.50 and he can make up to 110 burgers a day. What will the price ofeach burger be using markup pricing? Round to the nearest cent.O $7.07O $5.85O $6.43O $15.00$7.65

Mark up pricing: Mark up pricing is calculated by multiplying the cost of the product with the mark…

Answered: [burger] Max owns his own specialty…

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter13: Pricing Concepts

Section13.7: Applying Breakeven Analysis

Problem 1LO

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Ethics and PricingPeople feel better when they think they are getting a great bargain when they shop.Knowing this, some retailerâ€™s markup items above the traditional retail price and thenoffer a 60 percent discount. If they had simply discounted the normal retail price by 20percent, the resulting â€œsale priceâ€ would have been the same. One retailer says that heis just making shoppers happy that they got a great deal when he inflates the retailprice before discounting. Significantly marking up prices in order to offer â€œdeep discountsâ€ is not an unethicalpricing practice per se, but it may be considered misleading advertising. The retailer isnot really reducing its profits as a result of offering the sale price, even though a 60percent discount implies a financial sacrifice on the part of the retailer for the benefit ofthe customer. The situation described above could, perhaps, be considered a sales…
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