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Unit Price Calculator + Online Solver With Free Steps
The Unit Price Calculator finds the product price per unit weight (USD/gram) given the price and weight. Then, it converts the result to HUF and several other currencies.
What Is the Unit Price Calculator?
The Unit Price Calculator is an online tool that takes a product’s price and weight as input to find the price per unit weight in US Dollars. Finally, it converts this value into Hungarian Forints, your local currency, and several other currencies.
The calculator interface consists of two text boxes right-labeled “USD” (for United States Dollar) and “g” (for grams). In the former, you enter the price in USD for a specific weight of the product in question. In the latter, you enter this weight in grams.
The calculator uses the above information to find the price per unit weight in USD. Then, it accesses the current exchange rate for USD and other currencies to get the equivalent in the other currencies.
How To Use the Unit Price Calculator?
You can use the Unit Price Calculator to find the cost of a certain amount (weight) of a product in HUF, your local currency, and optionally others if you know the cost of that amount of product in USD.
Step 1
Enter the product’s price in USD into the first text box labeled “USD.”
Step 2
Enter the product’s weight in grams (g) into the second text box labeled “g.”
Step 3
Press the Submit button to get the results.
Results
The results show up in a new window and are quite extensive.
The primary sections are “Input Interpretation” and “Result.” The former shows the input as interpreted by the calculator in the form of a statement. You can use it to verify that the calculator is working as intended. The latter shows the price per unit weight in HUF.
Additional result sections include:
- Local Currency Conversion for $x: The calculator checks the location of your IP address to determine your local currency and finds the equivalent price per unit weight in it by using the relevant exchange rate (USD to local) from the database.
- Additional Currency Conversions for $x: The equivalent price per unit weight in several other currencies.
Finally, there is the Exchange History section. It shows a graph indicating the history of the exchange rates for USD to HUF over a selected time.
You can select between a maximum range of 10 years and a minimum of 1 month. Additionally, the section provides the maximum, minimum, and average exchange rates over the selected time duration.
How Does the Unit Price Calculator Work?
The Unit Price Calculator works by solving the following equation:
\[ \textsf{price per unit weight in HUF} = \frac{\textsf{price in USD}}{\textsf{weight in grams}} \times \textsf{exchange rate} \tag*{(1)} \]
Where:
\[ \textsf{price per unit weight in USD} = \frac{\textsf{price in USD}}{\textsf{weight in grams}} \]
HUF and USD are currencies – Hungarian Forint and United States Dollar. The calculator inputs are the price in USD and the product’s weight in grams, while the price in HUF is the calculated result.
Note that the right-hand side of equation (1) is the price of some product per unit weight. Its units are USD/gram or $/gram. For example, if 1 kilogram of yogurt costs $1.50, then:
price in USD = 1.50 USD
weight in grams = 1000 grams
price per unit weight of yogurt = 1.50 USD / 1000 g = 0.0015 USD/g
Exchange Rates and Currency Conversion
The calculator finally converts the cost per gram in USD to HUF so that the result’s units are HUF/g. It does this by multiplying the above result with the exchange rate. The value of the currency conversion factor is different depending on the currencies involved:
\[ \textsf{exchange rate} = \frac{\textsf{equivalent amount in currency to convert to}}{\textsf{amount in currency to convert from}} \]
For our case of USD and HUF, as of August 24, 2022, Google Finance states 1 USD = 409.35 HUF. Therefore, for our example:
exchange rate = 409.35 HUF / 1 USD = 409.35 HUF/USD
The above value is known as the exchange rate. It changes (or stays the same) roughly every hour of the day.
Continuing our example, the cost of 1 gram of yogurt in HUF would be:
price per unit weight of yogurt = 0.0015 USD/g x 409.35 HUF/USD = 0.614025 HUF/g
Therefore, the cost of 1 kilogram of yogurt in HUF equals:
price of 1 kg yogurt in HUF = 0.61 x 1000 = 614.025 HUF
All the additional currency conversions (local and foreign) for the USD price per unit weight use the same principle. It also forms the basis for the Exchange History graph, which tracks the exchange rates of USD to HUF over a much longer duration.
Exchange Rate Source
The calculator sources exchange rates from Wolfram|Alpha Knowledgebase – Wolfram Language financial data. As this database updates every few days (you can view the latest update date on the calculator results), the results may be off by a few days.
What Are Unit Prices?
Unit prices are the prices concerning one unit of anything. Consider the question, “how much does a specific amount of something cost?” This “amount” is fixed to 1 of some unit or measurement for unit prices. When we talk about weights, unit weights look like 1 kg, 1 ounce, 1 pound, etc. Then the cost is always for 1 unit of that product, which could be the weight, volume, etc.
Uses
Unit pricing is helpful for a variety of reasons. It provides sellers a convenient method of calculating costs and sales based on the amount of product sold. For consumers, it helps make economic decisions when buying in bulk or comparing prices between brands.
For example, if 3 kilograms of yogurt (bulk) cost 4.0 USD, but 1 kilogram of yogurt costs 1.5 USD, the unit price of the former scenario is smaller (4/3 = 1.33 < 1.5/1 = 1.5). However, the cost per weight is not the only deciding factor since food goes bad. Therefore, it might be better to go with 3 kilograms (bulk) when buying for a large gathering as it will save money.
Units Other Than Grams
Note that in the calculator, despite the second text box being labeled g, you may use any other unit for your calculation, such as ounce, kilogram, etc.
We saw with the yogurt example that the results were small units, so it might be more convenient to use price per kilogram instead. Suppose we wanted 5 kg of yogurt, which cost us $7.5. To use price per kilogram instead of a gram, enter “7.5” as the cost and “5” as the weight.
The result for this input is 614.03 HUF, the price per kilogram!
Solved Examples
Example 1
Find the unit cost of a gram of gold in HUF; if 20 grams of gold cost $1117.6. How much would 25 grams of gold price in HUF?
Solution
The unit price in USD is given by:
unit price of gold in USD = 1117.6 / 20 = 55.88 $/gram
Assuming an exchange rate of 409.35, we use equation (1) to get:
unit price of gold in HUF = 55.88 x 409.35 = 22,874.478 HUF/gram
Then the cost of 25 grams of gold would be;
price of 25 g of gold in HUF = 22,874.478 x 25 = 571,861.95 HUF