Problem
Jim has a patent on a device to aid in blood circulation. To have the product made in China, it will cost him $50,000 for set-up (fixed costs) and $150 per unit (variable costs) given an order quantity of 1,000. Jim has a commitment from a large retail chain to purchase all 1,000 units for $300 each. What return on sales (percent markup) will Jim be receiving?
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.