Assume it costs Lady Marion Seafood, Inc.$30 to catch, process, freeze, package, and ship, 5-pound packages of Alaskan salmon.It uses a 60 percent markup on its salmon products and charges customers $48 for a postage-paid vacuum-sealed package.What type of pricing does Lady Marion Seafood use?

Question

Quizplus · Accepted Answer

Lady Marion Seafood uses standard markup pricing by adding a 60 percent markup to the cost of producing a 5-pound package of Alaskan salmon. This method is commonly used in retail businesses to determine the selling price of a product based on a fixed percentage of the cost of producing it.

Assume It Costs Lady Marion Seafood, Inc