stupid first world problems you're dealing with

Dude, actually I think people mean two different things when they say 'to mark up' vs 'the mark-up'...thus my confusion.

thus MY confusion! lol

  On 1/10/2017 at 3:39 AM, Bulk VanderHooj said:

thus MY confusion! lol

people say "we should mark up A to Z"

but also "The mark-up of Z is A"

  On 1/10/2017 at 3:19 AM, Bulk VanderHooj said:

 

  On 1/10/2017 at 3:17 AM, LimpyLoo said:

 

  On 1/10/2017 at 3:15 AM, Bulk VanderHooj said:

Simple question....

 

If you are able to purchase something for $25, and you're selling it for $50, how much (what %) is the mark-up on the item?

100%

(Because 'mark up' means 'what percentage of the original you are adding on top of it')

 

Brings me to my FWP as what you've said is exactly what markup is (or at least what I understand it to be).

 

My textbook (yep) says 50%. 

 

It's defining markup % as (P-MC)/P

 

So (50-25)/50 = 0.5 *100 = 50%

 

 

"(P-MC)/P, is the markup over marginal cost as a percentage of price"

 

Thought I was misunderstanding until I did a couple practice problems... Scratches head*

 

Why is your textbook using marginal cost? That's just weird. Which textbook is it?

Canadian textbook of numbers and words #7.

Made by Rand McNallEHHHHH

  On 1/10/2017 at 5:03 AM, chenGOD said:

 

  On 1/10/2017 at 3:19 AM, Bulk VanderHooj said:

 

  On 1/10/2017 at 3:17 AM, LimpyLoo said:

 

  On 1/10/2017 at 3:15 AM, Bulk VanderHooj said:

Simple question....

 

If you are able to purchase something for $25, and you're selling it for $50, how much (what %) is the mark-up on the item?

100%

(Because 'mark up' means 'what percentage of the original you are adding on top of it')

 

Brings me to my FWP as what you've said is exactly what markup is (or at least what I understand it to be).

 

My textbook (yep) says 50%. 

 

It's defining markup % as (P-MC)/P

 

So (50-25)/50 = 0.5 *100 = 50%

 

 

"(P-MC)/P, is the markup over marginal cost as a percentage of price"

 

Thought I was misunderstanding until I did a couple practice problems... Scratches head*

 

 

Why is your textbook using marginal cost? That's just weird. Which textbook is it?

 

Microeconomic theory. 

It's for calculating profit maximization at multiplant production facilities (edit: monopolist firms). You often set marginal cost = marginal revenue to solve for profit maximization (if the cost of producing another unit was higher than marginal revenue for the unit, you'd produce less, and vice versa). 

They're probably super simple problems but I'm struggling a bit.

But yeah the mark-up thing doesn't make sense to me lol. Doubling the cost = 100% markup to me. 

  On 1/10/2017 at 5:04 AM, Audioblysk said:

Canadian textbook of numbers and words #7.

 

Made by Rand McNallEHHHHH

Poutine beaver hockey puck #eh-yt

I dropped my damn key to my work building between my driver's seat and the parking brake in my car and can't reach it. But at least I know where it is. Will try again during daylight.

Yes i know what marginal cost is, but generally speaking companies don't use marginal cost in determining markup, so it's kind of weird that your textbook would intimate that. That's why I'm asking which micro textbook you're using.

Remember for monopolists, MR=∆TR/∆Q.

The textbook presents the formula (P-MC)/P = -(1/E_d) as a general rule for pricing for monopolists. Monopoly power giving them the ability to charge more than MR = MC, the firm will markup the next unit no more than minus inverse the elasticity of demand. 

At least that's how it's described. 

I'll never use any of this in real life, ever. =/

le-sigh.

anyway I'll stop shittying up the thread with my homework lol.

fwp - it's cold outside. Good thing I'm inside. 

Your actual fwp is that you have a weird textbook then - most micro uses the accounting and finance definition of markup (which you and limpy illustrated). It's somewhat unusual to use your textbook's definition of markup, which is the difference between the monopoly price and the firm's MC, but I guess because they're talking about monopolists it kind of makes sense (still wouldn't say it's common though).

If you're not going to use it, why take it? Pre-req? (also macro is much more interesting)

I took it as an option (I need 9 optional credits at 3/400 level) since I did a few junior micro courses, figured "what the heck" lol! Ahm I find in general most of what I've learned won't have a direct application. I mean it's good to understand economic principles but... in a regular line of work can you imagine drawing some graphs and equating supply and demand curves? It's just not practical.

Even all the accounting courses I've taken, no one manually prepares financial statements or calculates financial ratios etc like they teach. Specialized software takes care of that.

Macro is cool, I'll probably take another macro course as another of my options!

There are more people who have access to smart phones with internet connection than there are people who have access to clean fresh water

wrong thread, sorry

old homeless man who pushed shopping carts around my area of town and slept in bushes passed away. someone put up flowers and attached it to the bus stop with a picture, sad.

=(

my country is a fucking joke

^ I was in Barcelona this past October and was struck by its beauty. Would love to go back... There seems to be some Societal unrest involving the Catalan populations wanting to secede from the rest of the country, and quite a bit of inequality from what some locals told me.

  On 1/10/2017 at 5:03 AM, chenGOD said:

 

  On 1/10/2017 at 3:19 AM, Bulk VanderHooj said:

 

  On 1/10/2017 at 3:17 AM, LimpyLoo said:

 

  On 1/10/2017 at 3:15 AM, Bulk VanderHooj said:

Simple question....

 

If you are able to purchase something for $25, and you're selling it for $50, how much (what %) is the mark-up on the item?

100%

(Because 'mark up' means 'what percentage of the original you are adding on top of it')

 

Brings me to my FWP as what you've said is exactly what markup is (or at least what I understand it to be).

 

My textbook (yep) says 50%. 

 

It's defining markup % as (P-MC)/P

 

So (50-25)/50 = 0.5 *100 = 50%

 

 

"(P-MC)/P, is the markup over marginal cost as a percentage of price"

 

Thought I was misunderstanding until I did a couple practice problems... Scratches head*

 

 

Why is your textbook using marginal cost? That's just weird. Which textbook is it?

 

In the wild both are used, but basing it off the cost price is definitely the default (i.e. 100%), when I'm coding a markup function I'll usually put both in and have a switch to change from one method to the other, most clients use the default. Maybe it comes down to which textbook they had in college?

  On 1/11/2017 at 10:48 AM, Goiter Sanchez said:

^ I was in Barcelona this past October and was struck by its beauty. Would love to go back... There seems to be some Societal unrest involving the Catalan populations wanting to secede from the rest of the country, and quite a bit of inequality from what some locals told me.

The inequality there is they have a lot more money than the rest of Spain, not the other way around. They're not happy to be subsidising the rest of the country.

  On 1/11/2017 at 10:48 AM, Goiter Sanchez said:

^ I was in Barcelona this past October and was struck by its beauty. Would love to go back... There seems to be some Societal unrest involving the Catalan populations wanting to secede from the rest of the country, and quite a bit of inequality from what some locals told me.

a 21 year old girl is facing 2 years in jail cause of a dozen or so tweets joking about the assassination (via bomb car) of Carrero Blanco, Franco's best buddy, in the early 70s. A murder that's been joked about by even famous comedians. This follows a string of accusations against actors, musicians and politicians merely for things they've said or posted online. All left-leaning of course. All under the guise of "exaltation of terrorism": because the second you mention ETA its up to the judges to decide if what you said is "exaltation of terrorism" or not. Which of course it never is. But hey, can't laugh about 40 year old dictatorships.

Meanwhile the government is always avoiding or sabotaging attempts to recover the bodies, story, and memories of the republican side during the Civil War and the dictatorship because oooh that's a thing of the past and cant we just move on already jeez. Why do you care that your grampa was shot in the back and his corpse is on a roadside who knows where, it's 2017 people lets move on. Let's take this 21 year old girl to court though, can't joke about Franco, that's off limits.

Not to mention the most blatantly corrup party in the history of Spain keeps winning the elections. In Valencia the whole fuckin party was taken to trial; not just a few corrupt politicians, the whole damn party in that region was considered a corrupt organization as a whole. That's bonkers

rant over

at least the poncho and sombrero sales are still good

I got pretty drunk with my girlfriend last night. I made us pasta and put 3 little drops of Dave's Insanity Sauce in mine. She picked up the bottle and gave three big, forceful lunges at her plate with it, thinking it was Tabasco.

That shit is not Tabasco. Not even close.

Knowing she wouldn't even come close to finishing it, I switched the plates and ate the unbearably spicy one.

My stomach was doing backflips all morning and I have a sneaking suspicion that I've made some sear marks in the toilet bowl.

Also, I bought a new pair of boots and they're eating the shit out of the back of my heel.

  On 1/11/2017 at 11:56 PM, Braintree said:

I got pretty drunk with my girlfriend last night. I made us pasta and put 3 little drops of Dave's Insanity Sauce in mine. She picked up the bottle and gave three big, forceful lunges at her plate with it, thinking it was Tabasco.

 

That shit is not Tabasco. Not even close.

 

Knowing she wouldn't even come close to finishing it, I switched the plates and ate the unbearably spicy one.

 

My stomach was doing backflips all morning and I have a sneaking suspicion that I've made some sear marks in the toilet bowl.

she better husband your ass fa'dat.

  On 1/11/2017 at 11:56 PM, Braintree said:

I got pretty drunk with my girlfriend last night. I made us pasta and put 3 little drops of Dave's Insanity Sauce in mine. She picked up the bottle and gave three big, forceful lunges at her plate with it, thinking it was Tabasco.

 

That shit is not Tabasco. Not even close.

 

Knowing she wouldn't even come close to finishing it, I switched the plates and ate the unbearably spicy one.

 

My stomach was doing backflips all morning and I have a sneaking suspicion that I've made some sear marks in the toilet bowl.

Perhaps you'd do well on First We Feast!

^ that's the best Hot Ones episode. "FIGHT FOR WHAT'S RIIIIIGHT" *munch munch*

Daves Insanity is not a forgiving sauce! That shit is awful!

I tricked a bunch of drunk coworker-yahoos into trying it when I was bartending years back by telling them I knew a secret to not having hot sauce burn. The secret I told them was to put it in between a bunch of peanut butter on crackers. They did it, and holy fuck it was funny. Peanut butter doesn't do shit to stop it from being spicy.

Sociopathic, yes. Funny, also yes.