Mycro Fiber is a producer of microfiber material for the auto detailing industry. Jamal, the owner of Mycro Fiber is highly skilled in the technical and manufacturing areas, but does not understand pricing. Jamal knows he wants to cover the cost of production when selling his material and needs revenue to cover his overhead costs and to make a profit. To be sure he meets these goals, Jamal decides to take a cost-based pricing approach. If Mycro Fiber's cost of production is $4 a square yard, Jamal and Jamal prices his material at $10 a square yard, what is Mycro Fiber's margin percentage?

Answer rating: 100% (QA)

To calculate Mycro Fibers margin percentage we need to determine the profit amount and divide it by ... View the full answer