Markup and Discount
By - Michael Soriano and Miko Uhuru
Markup and Discount Lessons By – Michael Soriano and Miko Uhuru Primary Subject – Math Secondary Subjects – Social Studies Grade Level – 7
Markup and Discount Lesson Part One Created by Michael Soriano and Miko Uhuru
StandardsCA Standard (NS 1.7)
Purpose:The students will be able to calculate markups and discounts along with markup percentages and discount percentages.
Outcome:The students will demonstrate their ability to meet the lesson’s purpose by computing three out of four independent practice problems accurately and completing the exit prompt at the end of the lesson.
Intro:The students will work in pairs. They will be fulfilling the role of a store manager for a local department store. They have to correct the errors of two staff members. The errors include markup and discount errors and markup percentage and discount percentage errors. The instructor will monitor the students’ conversation and their computations. The students will be completing their work in their Notes Journal.
Through:The instructor will ask two or three pairs of students to share their responses to the scenarios. The instructor will share the standard approach towards calculating markups and discounts along with markup percentages and discount percentages. The instructor will model the standard approach during guided practice, which the students will complete in their Notes Journal.
Beyond:The students will complete the four independent practice problems by working in pairs. They will submit their work on a separate sheet of paper. The instructor will ask the students to self-correct during the feedback process. Then, the students will be asked to respond to the exit prompt. The students will have two responses (one per person in each pair). They will write their names above their responses. For the next lesson, they will have to calculate the discount percentages from newspaper advertisements. The advertisements will have the merchandise, sale price, and discount percentage included. The students will verify the amounts on the advertisements. This lesson prepares them for the next lesson on calculating discount percentages from newspaper advertisements.
Find Markup Price Word Bank1. Markup – increasing the price. 2. Markup Percentage – percent that the price is increased. 3. Retail Price – price that the customer pays. 4. Wholesale – price that the store pays. 5. Discount – decreasing of the price. 6. Discount Percentage – percent that the price is decreased.
Introduction:You are a new store manager for a local department store. You have two employees making mistakes in their calculations, and your store is losing money. Now, your job as the manager, is to show them their errors and make corrections.
Scenario #1The store bought a shirt at a wholesale price of $15 and sells the shirt for $25. What is the amount of the markup? Employee 1 said the markup price is $40.
Scenario #2What is the percent of markup for the shirt in scenario #1? Employee 1 said he divided $40 by $25. He said the markup is 160%.
Scenario #3The store buys a ring at a wholesale price of $200. Your percent markup is 100%. Find the retail price. Employee 2 said that the retail price is $300.
Scenario #4The store is having a sale and is selling a $20 pair of jeans for $15. Find the discount amount and the discount percentage. Employee 2 says that discount amount is $5. Then she says she divided $15 by $20 to find the discount percentage. She said that the discount percentage is 75%.
Guided Practice:Find the percent of markup or the percent of discount. 1. Wholesale price: $17 Retail price: $24 What is the discount percentage for the jacket? 2. The regular price (retail price) of a jacket is $24. The store has it on sale for $20. Find the amount of discount. Round your answer to the nearest hundredth. 3. $30 sweater; 55% discount Find the cost of the item after the markup described. Round your answer to the nearest hundredth. 4. $.75 pair of socks, 250% markup
Independent Practice:Find the amount of markup or the amount of discount. Round your answer to the nearest hundredth. 5. $85 radio; 10% discount 6. $12.50 T-shirt; 155% markup Find the cost of the item after the markup or discount described. Round your answer to the nearest hundredth. 7. $7.00 toy; markup 125% 8. $75 chair; 75% discount
Exit PromptWrite as much as you can about you remember the most from today’s lesson. Include discount and markup along with discount percentage and markup percentage.
Discount Percentages Part Two Created by Miko Uhuru StandardsCA Standard (NS 1.7)
Purpose:The students will apply the concept of calculating discount percentages using four advertisements from the San Diego Union-Tribune.
Outcome:The students will be able to accurately and neatly calculate the discount percentages from at least three out of the four ads. Possibly their work could be displayed in the auditorium or the internet.
Intro:The instructor will reiterate the content taught the previous day concerning markups, discounts, markup percentage, and discount percentage. The instructor will obtain feedback from students. Accurate responses for the discount ratio and discount percentage will be recorded on the board for their reference. The instructor will encourage them to use their mental math percentage sheet. During the previous lessons, that sheet helped them calculate 1%, 10%, 25%, 50%, 75%, and 100% of a number. Furthermore, that sheet helped them figure out how to convert decimals to percents and percents to decimals. Instructor will inform students of their tasks and the rubric.
Through:Students will be given the four ads, glue sticks, and construction paper. Their partners are table mates. They will be working in pairs. Encourage students to round the prices to the nearest whole dollar to minimize lengthy computations. Remind the students to predict an estimate of the discount percentage for each of the four ads. Monitor their work. Reinforce the importance of the rubric to guide them during their activity.
Beyond:The students will discuss their completed work with their table. The instructor will randomly choose about three pairs of students to show and discuss their work to the class by using the document camera. This lesson/activity will prepare the students for Percent of Increase/Percent of Decrease. I usually remind them of the standard procedure for finding the discount percentage and markup percentage. I model a think aloud for percent of increase by using the following scenario and set up the ratio on the board: “I purchased a $.25 bag of Hot Cheetos. I want to sell it for $.75. What would be my markup percentage? Well, I would subtract 25 cents from 75 cents. That would be 50 cents. I would divide that 50 cents by my original 25 cents and convert it to a percent. That would be 2 converted to 200%. I marked up the price by 200%.” I would proceed with similar examples and text examples to guide instruction. I would end with independent examples and an exit prompt or written summary of the lesson as a writing to learn activity.
Discount Percentages Worth 50 points Due at the end of the period Situation:You and your partner have to paste the four advertisements on construction paper. Write the proper heading on the back right corner of the page. Divide your construction paper into four parts. In each of the four parts, you will have to 1) paste the ad in each part; 2) set up the ratio for the discount; 3) estimate the discount percentage; 4) accurately convert the discount percentage. Neatness and legible writing is required. Be prepared to share your work with your table and the whole class. You will be able to use the document camera as well.
Mental Math Percent Patterns Number 1% 10% 25% 50% 75% 100% 100 1 10 25 50 75 100 80 .8 8 20 40 60 80 60 .6 6 15 30 45 60 40 .4 4 10 20 30 40
From 1% to 100%, what patterns do you notice?
Word BankA) all of the number B) half of the original number minus half of that number C) half of the original number D) half of original number plus half of that number E) shift the decimal 2 places to the left from the original number F) shift the decimal 1 place to the left from the original number
1) Match the blanks below using the Word Bank above.___ 1% ___ 10% ___ 25% ___ 50% ___ 75% ___ 100%
2) Convert Percents to Decimals17% = .17 225% = 2.25 The pattern is ___________________________.
3) Convert Percents to Decimals.45 = 45% .375 = 37.5% The pattern is ____________________________