Question

Cassie purchased a purse for $115. She decided to sell the purse for $166.75 to make a profit. What was Cassie's markup percent?

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Answer 1

A mathematically "fair bet" is one in which a gambler bets, say $100, for a 10 percent chance to win $1000 dollars ($100 = .10 x 1000). Assuming diminishing marginal utility of dollars, this is not a fair bet in terms of utility because

Explanation: