The basic retailing equation states that the cost of an item is not equal to the selling price plus the markup.

Yes definitely. If the cost of an item is worth the same as the selling price, then you will not earn anything. Basically, the selling price already has the markup, so the selling price is definitely supposed to be higher than the cost of the item. For example, I bought a TV for 30 dollars. I would want to sell it at a selling price of 70 dollars. The difference of 40 dollars is my markup. The markup can also be expressed as a percentage if you divide the difference with the selling price. 

They are enjoying the advantage of independence while running their own small business. they can go where they want when they want to, because they control the restaurant's hours. they can also make time for life emergencies, and set the hours to be when they do the best cooking.

His ballance should be $65