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whether I'm paying too much
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If you agree to pay his asking price, then you aren't paying too much.
There is a difference between "margin" and "profit" and how they are calculated, similar in nature the way a % is calculated when going up or down:
eg - going from 100 to 75 is a 25% reduction, but going from 75 to 100 is a 33% increase.
In retail 100% markup equals 50% margin