Answer:
Standard markup pricing
Explanation:
Standard markup pricing is the easiest formula for pricing that can be implemented. This basically involves for calculating the cost of the product, and then adding a fixed margin to the product.
This basically adds a fixed margin that is profit and is usually a percentage of cost.
For example: the total cost of a product = $10
Thus fixed margin of 30% is added to get the selling price, thus, margin = $10 [tex]\times[/tex] 30% = $3
Now, the price shall be
$10 + $3 = $13.
