3.22 (LO 6) Markups; cost-plus pricing Payton Sanchez runs a popcorn stand in the local amusement park. Her cost to produce a bag of popcorn is $0.40, which she sells for $2.00. Required a. What is Payton's markup percentage on a bag of popcorn? b. If Payton wants to earn a 500% markup on a bag of popcorn, what price must she charge? c. If Payton lowers her price per bag to $1.50, what markup percentage will she earn on a bag of popcorn