In response to the answer:
Question:
If the retail price for a product is $1500 and the markup was 50%. What was the wholesale price of the product?

Answer: (X + 50% = $1500)
What amount, when you add 50% to it, will equal $1500?
$1000 + 50% = $1000....$1000 + $500 = $1500.
So the wholesale price = $1000

Mathematically Solved:
First set up the equation. Next solve for X by factoring X out. Next, isolate X by itself by dividing both sides by (1+.5). Solve the problem.
Step 1: X + .5X = 1500
Step 2: X(1 + .5) = 1500
Step 3: X = 1500/(1 + .5)
Step 4: X = 1500/1.5 = 1000

Things to know about percentages:
To go from Percents to decimals, remove the Percent sign then move the decimal over two places to the left. Ex: 30% = .3; 50% = .5; 13.7% = .137; .2% + .002