Up next in 10
In this session, students will learn how to solve real life problems that involve mark ups and discounts.
Chapters:
00: 00 Introduction
01:54 What is a percent of change?
02:40 How to find a percent of change?
03:34 Percent Of Increase
07:53 Percent Of Decrease
11:54 Real life example: Mark up
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0:00
cuz I canar I know the voice right now U
0:02
so we talking about uh percent of change
0:06
right percent of change and the reason
0:09
why we're doing this is because we want
0:10
to learn how to solve actual life
0:14
problems that have to do with what
0:16
markups and discounts right when I say
0:19
markup you understand what a markup is
0:22
no what's the markup yeah go ahead
0:25
something okay something is more
0:27
expensive than it should be all right
0:29
Mark is actually not necessarily
0:31
something more expensive than you should
0:32
be right yeah isn't it where like your
0:37
business the business doesn't make the
0:39
product that your sell so you buy it
0:41
from some Factory or something and
0:43
you're so you buy it for a certain price
0:45
but you have to uh Mark out the price so
0:47
you make it profit that's a that's a
0:49
perfect example yeah because this is why
0:52
places like Foot Locker U Champs or
0:55
whatever the retail is Right Walmart
0:57
Walmart buy the stuff from book and they
1:00
mark it up and they sell it at a certain
1:01
price so that they can make profit right
1:04
so markup is pretty much see nobody does
1:07
what isn't that but typically because
1:10
it's so expensive nobody buys it no
1:12
people buy stuff all the time people buy
1:13
stuff right so percent of change is
1:16
basically now in this chapter we're
1:18
going to learn how do they do that how
1:20
do you figure out the markup right and
1:22
how is the markup in term in terms of
1:24
percentage for example if I say on
1:27
something that I pay $30 on I want to
1:29
sell it for 15% more that's my Mark is
1:32
15% now how do they came to find this
1:34
number this is what we're going to learn
1:36
here right we're also going to talk
1:37
about discount what is a discount is
1:39
when you go somewhere and they say well
1:42
everything here is 20% off so how do
1:44
they figure that out how did they come
1:45
up with a discount it's all within this
1:48
chapter right so now so what is the
1:51
percent of change by definition a
1:54
percent of change is a ratio that
1:57
compares the change in quantity to the
2:00
original amount right it's a ratio that
2:03
compares what the change in quantity
2:05
from the original amount so for example
2:08
if today I have $10 and tomorrow I have
2:12
$15 right if I want to find the percent
2:14
of change how would I find it how much
2:17
more money did I add5 $5 right now what
2:21
is that in terms of percentage what does
2:22
that mean right so that's what this
2:25
means here it's a ratio that compares
2:27
the change in quantity to the original
2:31
amount this is how you find a percent of
2:33
change okay example uh this is the
2:37
formula here to find it right how do you
2:38
find the percent of change is amount of
2:41
change over the original amount so going
2:44
back to my example if I want to know how
2:46
much money I earned right first I need
2:50
to do what I went from what $10 to $15
2:52
so I earn how much money $5 so what
2:55
start in terms of percentage is going to
2:56
be five right over what over the
3:00
original amount which is 10 which is
3:02
what's 5 10 50% 0.5 or 50% so that means
3:08
I earned 50% of my money 50% of the
3:10
money that I had originally right I went
3:13
from $10 to 15 now I earn 50% in just a
3:17
day right now there are two types of
3:21
changes is the increase or a decrease
3:24
right when something increases that
3:26
means it goes higher it goes up higher
3:28
and so when something decreas is it goes
3:31
down right so now to find a percent of
3:34
increase we're going to we're going to
3:36
learn how to do that by using this
3:37
example here for example 5% of change
3:40
from 60° fhe to 84° De fit right for
3:45
example last week we were freezing up in
3:48
here when we what was weather like last
3:51
week 20 what 22 right and today to be 61
3:58
to 61 right so we went from what last
4:00
week we went from 22 we went from 22
4:04
right degrees to today let's say 61
4:07
right so now the question is if I was to
4:09
ask you what is the percent of change
4:12
how would you find it how would you find
4:14
the percent of change from last week to
4:15
this week
4:17
yes that means nothing so how would you
4:20
find the% of 10 from 22 to
4:23
61 how would you do
4:26
itct subract so we do what so as you can
4:29
see here amount of chance so we do the
4:31
final amount minus original amount right
4:34
and then to find the percent we going to
4:36
divide it by the original amount right
4:37
so for example let's do between last
4:39
week and this week so we went from 22 to
4:42
61 what's the original amount 6 22 22
4:46
what's the final amount 61 61 so we're
4:49
going to do 61 right minus 22 and we're
4:52
going to divide that by what uh the
4:55
original amount which is 22 22 to find a
4:58
percent of change right so 61 - 22 that
5:01
is 39 so it's going to be 39 over 22
5:04
somebody put that in the
5:07
calculator 6 39 over 22 and tell me what
5:10
you
5:11
got 39
5:17
22 what you
5:19
get can you say it a little
5:23
louder 136 uh so if you want to round it
5:26
up so be 3. what4 right now so it's 3.14
5:30
so what is that in terms of percentage
5:32
you remember we did it last week so how
5:34
do you turn this into a
5:35
percentage uh
5:38
3.1 100 I move it two two places to the
5:40
right so so the temperature went up by
5:42
what 3 14% 34% the temperature went up
5:48
by right from last week to this week the
5:51
temperature went up by 34% that is great
5:54
because for some of us we like the warm
5:56
weathers I don't like when it's freezing
5:58
right me neither
6:00
because we all get irritated we can't go
6:01
out you can't do anything all you do
6:03
just sit in the house and eat and that's
6:05
it and then you do nothing else but just
6:08
you get really bored y why does it work
6:11
where you subtract and then divide by
6:13
itself why is that why is that the
6:15
formula what's that formula all right so
6:17
because look um that's a great
6:21
question when I go from a certain amount
6:24
right let's say I went from $5 right to
6:27
$15
6:29
so what was the how much money did I
6:34
earn $10 right so if I want to know how
6:38
much more that money is above the
6:42
original amount this is why you divide
6:44
by that you see so $10 that is 10 times
6:47
that's like 10 over five that is twice
6:49
the original amount so that's 200% you
6:51
see what I'm saying so this is how you
6:53
find it so you want to know how much
6:55
more how much more this number is
6:57
compared to the original amount yeah
6:59
like you're try like you're like with a
7:02
percent when you're trying to find like
7:04
a missing percent you like subtract
7:06
you're subtract to see find like missing
7:09
the original because now that I have the
7:10
missing I have the original now I want
7:12
to see I want to compare this to the
7:13
original so that's 50% more or this is
7:17
like 20% or this is like but in this
7:19
case we talking about percent of change
7:20
in terms of increasing right so here now
7:23
the formula is this the amount of change
7:25
is always the final amount or minus the
7:27
original amount you got to keep it the
7:29
same same right is always final minus
7:32
original over original right let's
7:35
repeat final minus original over
7:39
original does that make sense right so
7:41
now let's say now we want to do
7:43
something a little different here right
7:44
we want to find a per of the percent of
7:46
decrease so now we are going backward
7:49
right so McKenna had 318 steps she
7:52
collects stems right now she has 273
7:56
stems which means maybe it's PR
7:57
Christmas she send a lot of
8:00
card or GRE cards and she want to like
8:01
use the steps so now find a%c of change
8:04
in her steps so how would you do it she
8:07
went from how many 318 steps to now7 273
8:12
so what is the amount of change there
8:15
how would you find it final original
8:18
we're going to do what final minus
8:20
original right final is what 273
8:23
original is 318 so we're going to do 273
8:27
minus 318 that give us what
8:30
45 you see that this it's negative what
8:33
does that say when it's negative is it
8:35
increasing or decreasing decreasing
8:36
decreasing right and then we going to
8:38
divide that by the original what's the
8:39
original amount
8:40
318 so now when we do that we get what
8:43
0.141 159 if you multiply that by 100
8:47
because you want to find in terms of
8:48
percentage that is 14.2% in the negative
8:52
which means the thing is going down
8:54
right so that's what basketball we use
8:57
this all the time in basketball you want
8:59
to see our team is doing last year they
9:01
won let's say for example the Wizards
9:04
the worst team in the NBA right now they
9:07
absolutely garbage right last year they
9:09
won maybe I think they probably won less
9:11
than 45 games this year I don't know I
9:13
think they probably won so far 22 games
9:16
that's right so if you were to compare
9:18
them so what would you say would it be
9:20
like a an increase or a decrease
9:23
decrease decrease right they went from
9:24
winning let just say ially speaking they
9:26
went from like winnings uh for games now
9:30
winning 20 22 games this season so how
9:33
would you find a per percental decrease
9:35
how would you do
9:36
it they went from 45 game winning 45
9:39
games to now 22 games 22 - 45 all right
9:43
22 - 45 right 22 - 45 which is pretty
9:48
much -23 right and then we going to
9:51
divide it by what divide it by 45 by 45
9:55
right so if you do -23 by 45 can you put
9:58
that in your calculator you can put 22
10:00
or 45 we just going to keep a negative
10:01
number at the
10:04
end so what did you
10:09
get 0.51
10:13
0.51 like that all right so that means
10:16
they did what they went down by how many
10:18
per 51% right that's horrible team right
10:23
it is one of the worst teams in the NBA
10:25
right now if not the worst team so you
10:28
want to know so therefore guess what's
10:29
going to happen by the end of this
10:31
season who's going to what's going to
10:32
happen to this team they're going to get
10:34
they're not going to make the playoff
10:35
they're not going to make the playoff
10:37
what else is going to happen what are
10:38
the consequences what usually happens
10:39
when the team does this F going to get
10:42
fired he's going to get fired right
10:44
because they say what it's your fault
10:46
right but it's almost like sometimes is
10:48
it really the coach's fault no why could
10:50
be the fault the players could be also
10:53
like nothing work nothing the fast right
10:55
so but usually the coach always get the
10:57
axe they're like nah you suck you out of
11:00
here right so now let's do this here
11:03
Excuse
11:04
me yes uh the campfire players they can
11:08
trade them they can trade them to other
11:10
teams but the Wizards they've done the
11:12
repetition of picking up watch players
11:15
right now they picked up this guy named
11:18
um he used to play for the bucks he was
11:21
on a decline and they picked him up so
11:23
I'm like why are you still getting
11:25
players that cannot play like you and
11:27
sometimes they do that because they want
11:28
to T
11:29
the season so they can get uh first
11:32
speak in the lottery draft right teams
11:35
do that they will tank tank tank so that
11:37
way they can get a high a high pick all
11:39
right anyway so now we're going to talk
11:41
about selling price which we were
11:43
mentioning earlier right so let's say
11:46
Foot Locker pays about
11:47
$42 right uh for a pair
11:52
of roller blades right who likes roller
11:55
blad in here SK roller skin or R skin
11:59
whatever you call it who likes
12:02
that and the mark up
12:06
is and the markup is 25% right so the
12:11
question is find how much Foot Locker is
12:12
going to sell this rer blade for right
12:16
so listen again so they bought the they
12:19
bought them from the manufacturer right
12:21
cuz that's what you do you buy this from
12:22
the manufacturer who's the
12:24
manufacturer who's that you understand
12:26
the manufacturer the people that make it
12:28
they right so foot loer buys it for $42
12:32
and now they want to sell it at a markup
12:34
of 25% so how much do you think fo is
12:37
going to sell it to the consumer how do
12:39
you figure that out how do you find
12:42
it go ahead and figure it out tell me
12:45
how how you going to figure out how much
12:47
Foot Lockers is going to sell it if they
12:49
have a mark up of 25% fure out what 25%
12:52
42 is and then what you add it there you
12:55
go did you hear that right cuz they want
12:58
to I like way you put it together figure
13:00
out what what 22 25% of 42 is do you
13:04
remember that's what we did in the last
13:06
chapter right what is 25% off a number
13:09
right so that's what you going to do
13:10
first you want to figure out
13:12
what what
13:15
25% of 42 is right you can see here so
13:20
first we're going to do that right so
13:22
it's going to be 42 times
13:26
what
13:27
times 25 % right does that make sense
13:32
we're going to do 42 * 25% to find what
13:35
25% off
13:38
4225 right or if you don't remember you
13:41
can just go right um 42 you can do X
13:46
over 42 equals what 25 over 100 you have
13:51
two options here that you can use you
13:53
can use this to find what 42 what 25% of
13:56
42 is right so let's find let's do that
13:59
so it's going to be 100 x = 42 *
14:03
25 and to find X we're going to divide
14:05
it by 100 so let's see and tell you what
14:08
you
14:11
got how much
14:14
10.5 right 10.5 so that's their marker
14:18
so how much do you think they're going
14:19
to sell the rotor blade for in the
14:22
store 42 10.5 so it's going to be the
14:25
price selling price is going to
14:28
be selling price is going to be
14:32
$42 plus 10.5 right which is basically
14:37
[Music]
14:38
52.5 right
14:40
52.5 so foot rocker is only making how
14:43
much money on this Ro grade $10
14:47
$1050 right now do you know what Nike
14:50
does any Nike shoe that you see on full
14:52
rust retail uh
14:55
shelves Foot Locker buys it from Nike at
14:59
50% off basically the shoes that you see
15:02
for the
15:03
$150 they've paid $75 for
15:07
it and then they sell it to us for 150
15:11
because F Lo has to make money as well
15:13
right because they have to do what
15:15
people go that's too much money is it
15:18
really right it's not that much because
15:21
guess what what is have to pay for you
15:22
know to make sure they have more
15:25
employees they have to pay for what the
15:28
more they have to pay for the rent they
15:30
have to pay for all the stuff right so
15:33
therefore they're not really making $75
15:36
because they still have to factor in the
15:37
fact that we have to build our employees
15:39
we have to pay off all these people
15:41
who's really making the
15:42
money Nike is really the one making the
15:45
money right the manufacturer because
15:47
they're the one really making the most
15:48
money yeah except Nike has to buy
15:50
materials from some place yeah but how
15:52
much they pay for the material who knows
15:54
how much do how much do you think Nike
15:57
pays to get this thing manufactured
15:59
not that not that much right probably
16:03
now I'm going to speculate which mean
16:05
don't say this is true I'm going to
16:08
speculate I can guarantee you for every
16:10
pair of shoes they probably don't spend
16:12
more than 10 or 15 bucks actually I
16:15
think they don't pay more than10 or
16:17
$15 right speculation and for all the
16:20
shirt that you guys wear signat they
16:23
probably don't pay more than like 50
16:24
Cent and you guys pay how much for it6
16:29
25 I got a Nike shirt you know but they
16:31
made they don't pay that much to make it
16:33
right their markup is astronomical right
16:36
so let's just think about it so let's
16:38
say you buy now you guys go ahead and do
16:40
the math you paid $25 for a Nike shirt
16:44
that's pink right because you you know a
16:47
whatever pink but Nike made Nike paid 50
16:51
Cent to get it made right so I want you
16:54
to go ahead and find Nike's marker so
16:58
you pay $25 for the shirt Nike's
17:02
manufacturing U fee is 50 this is how
17:04
much Nike pay to get this done you pay
17:07
$25 tell me what the markup is how much
17:09
is Nike making off
17:11
you excuse me be perent of increase
17:15
percent of increase yeah that's the same
17:17
thing mark up and percent of increase
17:18
the same term right so go ahead and tell
17:20
me how much do you think Nike is making
17:22
off of you as a consumer they pay 50
17:25
Cent to get it done and they're selling
17:27
it to you for $25
17:44
y so they paid 50 cents
18:04
that can't be right it is right it's a
18:06
noral right tell me what you got I got
18:10
98%
18:13
98% I got uh I didn't get 9 I got
18:18
4,900 who got that wow I got you got
18:23
4,9% I don't so how did you all do it
18:25
you what did you do uh I did mhm 25 -
18:31
0.5 which is 24.5 right uhhuh divided by
18:35
25 no 0.5 oh to divide by the original
18:39
amount right so you got 4 4,9% all right
18:43
so who's really making money here yeah
18:45
wait why are we dividing by 0.5 because
18:47
that's the original amount right so we
18:49
doing incre excuse me I said
18:53
25 how much
18:55
Nik P used to make uh
18:59
invested 050 they sold it for how much
19:02
25 so they end up with a $24.5 profit
19:06
right and then to find how much that
19:08
profites in terms of percent you have to
19:09
divide by the original amount which is
19:11
0.5 so
19:13
4,9% you multiply it by 10 to% by 100
19:18
right you got 49 right and then you
19:21
going to do 49 times what 100 which is
19:24
what 4, 900% do you see how much money
19:27
they're making right they're making a
19:30
heck of a lot of money we should soon
19:32
for we shouldn't you agreed to pay for
19:34
it did they force you to pay for it did
19:36
they force you did they put a gun in
19:37
your head be like buy you go no you just
19:40
don't you went and bought it now guess
19:42
what happens that same shirt right let's
19:45
say they can't sell it and they take it
19:46
to the outlet who who knows what the
19:48
outlet is what's an outlet yeah stores
19:52
excuse me yeah just like kind of like
19:54
why do why people like go to the outlet
19:56
cuz there is what there
19:59
cheap right so now how much do you think
20:02
Nike is going to sell that shirt in the
20:03
outlet location just give me
20:06
price 15s 15
20:09
15 oh let let's assume they be nice and
20:12
they sell for $5 hour right let's say s
20:14
for $500 so what do people say when they
20:16
see that
20:19
$5 they say what woo what a deal
20:23
right now tell me how much money Nik to
20:26
make in terms of percentage if they s
20:28
for
20:29
what's the what's their markup this time
20:31
not making that much money what's let's
20:33
just see how much percentage they're
20:34
making this time how would you do it
20:36
let's see the mark up again so is it
20:40
time we're going to do we going to do
20:42
what five minus
20:43
what 0.5 right which is what 4.5 right
20:50
do that again a lot of money 4.5 0.5
20:53
somebody put that in the calculator tell
20:54
me what you got yeah got 900% 900% right
20:58
oh my God scary so is this still a heck
21:01
of a profit or not the problem is we see
21:04
that they only making $4.5 we think
21:06
that's not that much but their markup is
21:08
what
21:10
900% which means even though it's only
21:13
45 they're still really killing you
21:16
because they only pay 50 c to get how
21:18
much of those shoes are they selling so
21:21
this is what it is they're still making
21:24
900% even though it's only $4.50 they're
21:26
still making 900% Mar should work for
21:29
Nike right now maybe you should be your
21:31
own Nike me come up with your own
21:33
product we're going to call it the Le a
21:37
whatever
21:39
right the lizy or whatever the Caleb on
21:43
instead of wearing Nike I got my Caleb
21:45
ones on my feet right I got my Evan one
21:49
oh yeah actually Caleb one sounds pretty
21:51
good one one sounds good
21:56
what Z1 sounds good yeah yeah let me see
21:59
what yeah which one of your names
22:01
probably r good like a Brin I think
22:04
Kaleb sounds good Le Z Sounds good
22:08
Kenzie yeah Z yeah that sounds pretty
22:11
you have a
22:12
partn can you give me
22:15
a be all right so this is what this
22:18
chapter is all about right so so now
22:21
today what we've learn how to do is
22:23
we've learn how to like
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