04. Define a class to store the cost( MRP) of an article
and calculate the discount as 12.5% of the MRP. Print the
discount and net payable amount on separate lines with
proper messages.
Net payable amount=MRP-Discount
Answers
Answer:
Marked Price
In the profit and loss section, the cost of a product is very crucial. If you have marked the cost of the product wrong, you may not see any profit at all. In the following section, we will see what we mean by marked price. We will also see all the other relevant terms and try and understand how to determine marked price such that the profit is maximum. Let us begin with the following space below!
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Marked Price
The price on the label of an article/product is called the marked price or list price. This is the price at which product is intended to be sold. However, there can be some discount given on this price and the actual selling price of the product may be less than the marked price. It is generally denoted by MP.
When Discount is offered, M.P. > S.P.
When Discount is not offered, M.P. < S.P.
Marked Price
Sometimes marked price is used as a psychological tool for customers. For example, a set of headphones is being sold at Rs 999/-. One company has set the marked price at Rs 1000/- thus showing a little discount on the marked price. Another company sells the same product at the same cost but marks it at Rs. 1499/- thus giving the illusion of a heavy discount. The customers are more likely to buy the one marked at a higher price. This brings us up to the concept of discount.
What is the Selling Price?
Discount
Discount is defined as the amount of rebate given on the label price (marked price) of an article. It is given by merchants/shopkeepers for attracting customers for increasing their sales.
Discount = Marked Price – Selling Price
Discount percentage = [(Discount)/(Marked price)]× 100. Before going on to solve more examples, let us recall all the formulas that we have seen thus far.
What is List Price?
Main Concepts and Results
Discount is a reduction given on marked price.
Discount = Marked Price – Sale Price (S.P.)
Discount can be calculated when a discount percentage is given.
Discount = Discount % of Marked Price
Additional expenses made after buying an article are included in the cost price and are known as overhead expenses.
cost price = buying price + overhead expenses
Sales Tax is charged on the sale of an item by the government and is added to the Bill Amount.
Sales tax = Tax% of sale amount.
These days, however, the selling prices (known as MRP) include the tax known as VAT (Value Added Tax).