The following links will direct you to three video segments about unit price. 1.
ID: 3216506 • Letter: T
Question
The following links will direct you to three video segments about unit price.
1. https://www.youtube.com/watch?v=KMe85qahPbk
2. https://www.youtube.com/watch?v=x56Oa_4_3HE
3. https://www.youtube.com/watch?v=tdHO6qWSkJw
Your task is to click on the links above, watch the YouTube video clips, and then complete the following:
In the first video, Tobie Stanger states that some states do not require unit prices to be posted. Therefore, it is important to know how to calculate unit price on your own! Outline how you calculate the unit price of an item.
Describe how understanding unit price can help consumers save money. You may want to consider giving an example to solidify your response.
Explanation / Answer
Answer of first part with explanation :
To calculate the unit price on your own you can use the following steps,
1. Identify the unit you want to compare in, i.e., how do you define quantity, like, is it in Kilograms, Pounds, Ounces, Litres, Gallons or just the number of items.
2. Divide the price of the product with it's unit, i.e., if a bag 0.1 kilogram of chips costs $2, then on dividing 2 by 0.1 we have 20, which means that a kilogram of it would cost $20, so $20 is it's unit price; say another bag of chips from a different brand costs $2 for 0.4 kilogram, then it's unit price would be $(2/0.4) i.e. $5. So, we find that the latter bag of chips is cheaper.
Answer of second part with explanation :
While buying anything we commonly face the following two scenarios,
1. Comparing the an item of same the brand, but different quantities of it.
2. Comparing the same quantity of an item, but different brands selling it.
Example for the first scenario can be the case of buying a soap, such as, suppose there are single soap being sold for $2 each and there are packs which contain 4 soaps each but cost $7; so if our unit is the number of items in each then the unit price for the single soap is $2 and the unit price for a pack of 4 is $1.75. So, we save 25 cents on each unit if we buy a pack of 4.
Example for the second scenario can be the case of buying flour, such as, suppose there are two brands Alpha and Beta which sell flour and that Alpha sells 10 pounds of flour for $10 and that Beta sells 15 pounds of flour for $12. If we keep our unit as pound, then we find out that unit price of Alpha flour is $(10/10) = $1 and unit price of Beta flour is $(12/15) = $0.8. So, even though a packet of Beta flour costs more than Alpha flour, it is a more value for money product as it costs less per pound, or we could say that it gives more per dollar spent on it.
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