Imagine you running your own business selling a particular product or service. What would that business be? Identify the costs associated with your product or service. There are two types of markups. Markups based on costs and markups based on selling price.Which of the two would you use and why? Finally, since you are the manager of your business, how would you decide what the markup should be? Second, how would you determine when you should markdown the price of your goods? In your follow-ups, critique your cohorts post. Imagine them coming to you for advice, offer suggestions on how they should manage their business.