You make 20 silk flower arrangements and plan to sell them at a craft show. Each flower arrangement costs $12 in materials, and your booth at the craft show costs $30. If you sell the arrangements for $24 each, how many must you sell to make at least $100 profit?
(20 * 12) + 30 = 270
270 + 100 = 370
370 / 24 = 11.25
He must sell at least 12 to make $100 profit.
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Yes.
To determine how many flower arrangements you need to sell to make at least a $100 profit, you'll need to consider the costs and revenue involved.
Let's break down the costs:
- Cost per arrangement: $12
- Booth cost: $30
To calculate the total cost, multiply the cost per arrangement by the number of arrangements you're making:
Total cost = Number of arrangements * Cost per arrangement
Since you're making 20 arrangements, the total cost would be:
Total cost = 20 * $12 = $240
Now, let's calculate the revenue:
- Selling price per arrangement: $24
To calculate the total revenue, simply multiply the selling price per arrangement by the number of arrangements sold:
Total revenue = Number of arrangements sold * Selling price per arrangement
To make at least a $100 profit, the total revenue needs to be the total cost plus the desired profit:
Total revenue = Total cost + Desired profit
Substituting the given values:
Total revenue = $240 + $100 = $340
Now, we can equate the total revenue to the equation for the revenue and solve for the number of arrangements sold:
Number of arrangements sold * $24 = $340
To solve for the number of arrangements sold, divide both sides by $24:
Number of arrangements sold = $340 / $24
Calculating:
Number of arrangements sold = 14.1667
Since you can't sell a fraction of an arrangement, you'll need to round up to the nearest whole number. Therefore, you would need to sell at least 15 flower arrangements to make a minimum profit of $100.