Manufacturer Profit Calculation Based on Selling Price

A manufacturer produces a certain gadget for a cost of $50 per unit. The manufacturer wants to achieve a profit margin of 25% on the selling price of each unit sold. If the manufacturer sells the gadget at the determined selling price, how much profit will the manufacturer make on each gadget?

To find the selling price, first, calculate the desired profit based on the selling price. If we denote the selling price as $$SP$$, the profit will be:

$$Profit = SP - Cost$$

Given that the desired profit is 25% of the selling price:

$$Profit = 0.25 imes SP$$

Using this information, determine the selling price and thus the profit.