If Andrew has 50 peaches that he buys for $1.00 a peach, and he sells his peaches at a 30% markup, how many peaches must Andrew sell to cover the cost of the pe

Question

Looking for the correct formula to answer this problem. 

 

Answer 1

The total cost to Andrew for the Peaches: P * X = $50, where P = price of each peach and X = number of peaches.

 

The markup = 30% meaning the selling price is 1.30 * P = $1.30.

 

To cover his cost this equation must be met: 1.3*y >= 50, solve for y.

 

The generic formula for this problem is: S*Y >= P*X, where S is selling price, P is the purchase price, X is the number of commodities bought and Y is the number that must be sold to recover the cost.

Answer 2

Hi Andrew,

Start from what he is asking in the question: How many peaches is your variable x.

then, he is selling each peach for 30% mark up, so the selling price is 1 + 30% * 1= 1 + 0.30 = 1.30, that is making 30 cents profit for each peach he is selling. Now, since the cost of 50 peaches is $50, since he is buying each for $1 then;

1.30 x ≥ 50

===> x ≥ 50/1.3

===> x ≥ 38.46153846

====> So, he has to sell at least 39 peaches to cover his cost.

I hope this answered it for you,

Bader A.