a) What do you understand by rate of markup on cost and rate of markup on selling price, illustrate with suitable examples. (Suggested: 80 100 words) b) A retailer sells a product whose listed price is RO 45,000 and charges VAT (Value Added Tax) on it at the prescribed rate of 8 % from the customer. If the retailer pays a VAT of RO 40 to the government, what was the price inclusive of tax at which the retailer bonght the article from the wholesaler? If the wholesaler pays a VAT of RO 25 to the government, what was the price inclusive of tax at which the wholesaler bought the article from the manufacturer? How much does the government received as VAT?