If a casket is purchased for $350.00 and sold for $950.00, what is the consumer value index?

To calculate the consumer value index (CVI), you use the formula:

CVI = (Cost of Casket / Selling Price) x 100%

In this case, the cost of the casket is $350.00 and the selling price is $950.00. Plugging in these values:

CVI = ($350.00 / $950.00) x 100% CVI = 0.3684 x 100% CVI = 36.84%

When rounded, this value is approximately 37%. This figure reflects the proportion of the selling price that corresponds to the initial cost of the casket. A CVI of 37% suggests that consumers are paying a premium for the casket that is about 2.7 times its cost, indicating perceived value and markup in the funeral service merchandising context.