Question

Markup: a.is a percentage applied to a base cost and includes desired profit and any costs not included in the base cost. b.is a percentage applied to a bid cost and includes desired profit and any costs not included in the bid cost. c.is a percentage applied to a bid cost and only includes desired profit. d.is a percentage applied to a base cost and only includes desired profit.

Answer 1

Answer: Option (A)

Step-by-step explanation:

Markup is referred to as or known as the difference in between selling price of commodity, good or a service and its cost. This is usually expressed as the percentage over cost. The markup is at times added to total cost which is incurred by producer of the commodity, good or a service so as to cover costs of doing the business and thus create a profit.