How to Find the Unit Price of a Product?
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The unit price or “unit cost” is the cost per kilogram or other units of weight or volume of each commodity one wants to buy. For additional educational resources,.
A step by step guide to finding the unit price of a product
When we talk about the unit price, what we are talking about is the “price per unit” of a product. To understand this, let us give a simple example. In a supermarket, the cost of \(20\) units of a product is \($360\). Here we have to find the price of one unit. Let’s use the unit price formula to find it. For additional educational resources,.
\(\color{blue}{Unit\:Price=\:\frac{Total\:Price}{Number\:of\:units}}\) For additional educational resources,.
The price of one product is \(360 ÷ 20=18\). So the unit price is \($18\). For additional educational resources,.
Note: Comparing unit prices can be a good way to find the “best buy”. Of course, it does not tell you the quality of what you are buying, but it can help you make a decision. For additional educational resources,.
Finding Unit Price of a Product – Example 1:
What is best?
- \(10\) pencils for \($4.00\), or
- \(6\) pencils for \($2.70\)?
Solution:
To solve, use the unit price formula: \(Unit\:Price=\:\frac{Total\:Price}{Number\:of\:units}\)
- \(\frac{$4.00}{10} = $0.40\) per pencil
- \(\frac{$2.70}{6} = $0.45\) per pencil
So the lowest unit price (and best deal) is \(10\) pencils for \($4.00\).
Exercises for Finding the Unit Price of a Product
- A cruise ship travels \(30\) miles in \(50\) minutes. How far does the ship travel per minute?
- What is best? \(2\) liters of milk at \($3.90\), or \(1.5\) liters of milk at \($2.85\)?
- John can complete \(280\) units of work in \(8\) days. How many units of work can he complete per day?
- \(\color{blue}{0.6\:\frac{mile}{minute}}\)
- \(\color{blue}{1.5\:liters\:at\:$2.85}\)
- \(\color{blue}{35\:\frac{units}{day}}\)
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