posted by cass on .
In your socks assignment, create 5 scenarios, in which your hourly pay rate and the socks per hour change:
the current "child labor" scenario ($0.25 per hour, 4 socks per hour)
"GM employees " ($63,6)
"McDonalds employees" ($8,8)
We need mroe information on what labor costs we can sustain. Please use goal seel to produce a $ 300,000 profit by changing the $ per hour we pay for our labor; the
n set that back to $.025, and change the socks per hour that get produced. How many socks per week do we need the foreign children to produce, to give us the $ 300,000 profit that we selected?
Use the third what if option in your socks spreadsheet - data table.
Prepare a data table showing the profit you will have if the socks per hour (the column variable) is 4, 2, 1, or 0.5; and the pay per hour (the row variable) is $0.25, $5, $30, and $63