Question

A store is having an inventory reduction sale, so an employee marks down some nightstands from 50 to 49. What percentage is the discount?

Answer 1

The discount on the nightstand is 2%, calculated from a $1 reduction from the original $50 price. The term an economist might use for a 'good deal' is consumer surplus.

Step-by-step explanation:

The discount percentage from marking down a nightstand from $50 to $49 is calculated by first determining the amount of the discount, which is $1 ($50 - $49). Then, this discount is divided by the original price ($1 / $50) and multiplied by 100 to get the percentage. The percentage discount is therefore 2%.

The discount on the nightstand is 2%, calculated from a $1 reduction from the original $50 price. The term an economist might use for a 'good deal' is consumer surplus.

An economist might describe the action of getting a 'good deal' as consumer surplus, which occurs when a consumer is able to purchase something for less than what they are willing to pay. This term reflects the benefit to the shopper.