Answer:
Explanation:
To work out the profit as a percentage of the cost price, you can use the following formula:Profit percentage = (Profit / Cost price) x 100%For example, if you bought an item for $50 and sold it for $70, the profit would be $20. To find the profit as a percentage of the cost price, you would use the formula above:Profit percentage = (20 / 50) x 100% = 40%So in this example, the profit as a percentage of the cost price is 40%.To find the best value of a price, you need to consider both the cost and the demand for the item. If the price is too high, people may not be willing to buy it, but if it's too low, you may not make enough profit. The best value is the price that maximizes your profit while still attracting enough customers to make sales.One way to determine the best value is to experiment with different prices and see how they affect sales and profits. You can start with a price that you think is reasonable and then adjust it up or down based on customer feedback and sales data. You can also research the prices of similar items sold by competitors to get an idea of what the market will bear.Ultimately, the best value will depend on factors such as the cost of production, the demand for the item, and the competitive landscape. It's important to find a price that balances all of these factors to maximize your profits and grow your business.