Unit price is the cost per item or cost per unit of measure. It can be expressed as a ratio.
Example: cost per item
Garth bought 2 erasers for $0.50. How much did each eraser cost?
2:50 = 1:25
Each eraser cost $0.25.
The unit price is $0.25.
Example: cost per unit of measure
A 1-pound loaf of bread cost $1.60. What was the cost of the bread per 1-ounce serving? (1 pound = 16 ounces)
1.60:16 = 0.10:1
The unit price is $.10.
Also called cost per unit and unit cost.
See also equal ratios.