ByteOnBikes@slrpnk.net to A Boring Dystopia@lemmy.world · 2 days agoThis was in upliftingnews but imo, they've been overcharging for years and now they're framing this as a feel good storyslrpnk.netimagemessage-square109fedilinkarrow-up1512arrow-down117
arrow-up1495arrow-down1imageThis was in upliftingnews but imo, they've been overcharging for years and now they're framing this as a feel good storyslrpnk.netByteOnBikes@slrpnk.net to A Boring Dystopia@lemmy.world · 2 days agomessage-square109fedilink
minus-squareApepollo11@lemmy.worldlinkfedilinkarrow-up2·2 days agoFirst up, I want to say that your point is clear, even without this correction, but… That’s not how percentages work. To make things neat, let’s assume they’re now selling things at cost (they’re not, they’ll still be making a profit). A 75% reduction in price like this means that they were previously making 300% profit.
minus-squarecloudwolf@lemmy.worldlinkfedilinkarrow-up4·2 days agoHe is talking about margin, not markup. 75% margin = 300% markup
minus-squareApepollo11@lemmy.worldlinkfedilinkarrow-up3·edit-22 days agofacepalm Yep, you’re completely right. I’ll wind my neck back in now…
First up, I want to say that your point is clear, even without this correction, but…
That’s not how percentages work. To make things neat, let’s assume they’re now selling things at cost (they’re not, they’ll still be making a profit).
A 75% reduction in price like this means that they were previously making 300% profit.
He is talking about margin, not markup. 75% margin = 300% markup
facepalm
Yep, you’re completely right. I’ll wind my neck back in now…