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Cheng builds replica miniature cabinets. His costs for each cabinet are $33 each. A consultant tells Cheng that the average margin in his industry is
Cheng builds replica miniature cabinets. His costs for each cabinet are $33 each. A consultant tells Cheng that the average margin in his industry is 41%. Cheng currently sells the cabinets for $41, but thinks he should consider using the industry average margin as his target goal. If the retailer decides she would rather have a $10 margin, what will be the final retail price to the consumer presuming Cheng changes his price to reflect his new target margin
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