Question

A pair of socks is purchased at wholesale for 2.00 and is then sold to the customer for 4.00. What is the percent increase in price?

Answer 1

The percent increase in price from the wholesale cost to the customer price for a pair of socks is calculated by dividing the price difference by the wholesale price and then multiplying by 100. In this scenario, the price increase from $2.00 to $4.00 represents a 100% increase.

Step-by-step explanation:

To calculate the percent increase in price from the wholesale cost to the customer price for a pair of socks, we use the same approach as if we were calculating percentage change for a pay raise or inflation rate. First, we find the difference in price between the selling price and the wholesale price. Then, we divide that difference by the wholesale price and multiply the result by 100 to convert it into a percent.

In this case, the pair of socks is bought at $2.00 and sold for $4.00. The difference between these two prices is:

• $4.00 - $2.00 = $2.00

Next, we divide this $2.00 by the wholesale price of $2.00:

• $2.00 / $2.00 = 1

To find the percentage increase, we then multiply by 100:

• 1 × 100 = 100%

Therefore, the percent increase in price from the wholesale to the customer is 100%.