What is a Discount?
Discount is the reduction in the price of an object or service that is used to increase the sales of any business and helps to retain customers in a business. The price at which a retailer gets the object from the manufacturer is called the cost price and after factoring its transportation cost, damage, and profit the price increased by the retailer is called the Marked Price(MP) of the object. The discount is always given on the MP of the object. Discount is given by the retailer when he wants to remove its inventory faster or wants to increase its sales.
Selling price of the object is the price of the object after the discount. Discount is given represented as ‘Off’. Discount is always given as a percentage, for example, 50% Off, means indicates that the object is selling at 50% price less than its MRP. Here, 50% is the discount given on the object.
Discount Definition
Discount is the rebate given by the businessman on the product or services. That helps to increase the sales of its business, it is the amount or percentage reduced from the normal selling price or marked price of the object.
Discount Formula
Discount in Mathematics is defined as the reduction in price of any service and product. Discount is offered by the business owner to easily and quickly sell their product or services. Giving discounts increases the sales of the business and helps the business retain its customer.
Discount is always calculated on the marked price of the object. In the sale of an object Cost Price, Selling Price, Profit, Loss, and discount are calculated. We have to study the Discount Formula in Class 8.
Here in this article, we will learn about the discount definition, types of discounts, discount formula, discount rate, and its solved examples and others in detail.