Jim makes and sells denim knapsacks for $10.50 apiece. the knapsacks cost $7 apiece to produce. jim makes % profit on each knapsacks. show your work. a. 33 b. 50 c. 75 d. 125

In this problem, to solve for the gross profit, you have to deduct the cost of each knapsack to its selling price.

The gross profit of Jim is $3.50 ($10.50 - $7).

To compute the gross profit rate, you have to divide the gross profit ($3.50) to the cost of each knapsack ($7).

$3.50 / $7 = 0.5 or 50%

Therefore, Jim makes 50% profit on each knapsack.

add 5 subtract 1

step-by-step explanation: