Identify the information that is needed to solve the problem.
A store has a special offer on a pack of 12 pencils, 4 pens, and 8 colored markers. The special price is $12.50 for the pack. What fraction of the tools are pencils?
The number of pencils, pens, colored markers, and the price of the pack are needed.
The number of pens, colored markers, and the price of the pack are needed.
The number of pencils, colored markers, and the price of the pack are needed.
The number of pencils, pens, and colored markers are needed.
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You need the fraction that is pencils, not the fraction of the price that is pencils, so you don't need the price. To work out the fraction of the whole you need the whole, so you need the numbers of pens, pencils and markers.
The fraction is 1/2, by the way :)