The O! Company sells a juice in 1 gallon bottles. The current retail price of the juice is $3.50 for 1 gallon. In order to remain competitive, the company will decrease the price to $3.20 .
a. What percent of the original price are consumers going to pay?
b. Suppose the company's cost per 1 gallon is $2.70. What is the markup if they sell each gallon at &3.20? What is the markup if they sell each gallon at 3.50?