An extremely unattractive suit sells for $500 retail and the retailer's margin % is 30% and the wholesaler's margin is 15%. What was the manufacturer's selling price?        A 45% retail margin is what % mark up?

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Customary Pricing

There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows: 

Multiple Unit Pricing

“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”