Posted by Grace on Tuesday, November 13, 2012 at 12:51am.
Task Type: Individual Project Deliverable Length: 3 Parts: See Assignment Details
Points Possible: 150 Due Date: 11/5/2012 11:59:59 PM CT
Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.
Task Background
This Individual Project assignment serves as a summary of the key learning over the past 4 weeks of the course and includes some research for you to help you prepare for what is still to come in the last week of the class. In this course, you have focused on the fundamentals of mathematics and how these topics relate to real-world applications.
Scenario: In this assignment, you are the entrepreneur investing in a specialty pizza restaurant, and you are required to apply what you have learned in your business algebra math course given various scenarios.
Please be prepared to discuss this assignment for the Week 4 Discussion Board.
Assignment
Part I: Previously, when equations and inequalities were covered, you found many uses of various equations and inequalities and how they can be applied in real-world settings. In 2 paragraphs, discuss the following:
a. How can equations and inequalities help a business maximize profit or minimize costs?
b. What is the importance of understanding how to set up and solve equations and inequalities (discuss in general without a mathematical example)?
Part II
Break-Even Analysis: A Look at Profit and Loss: As an entrepreneur, there are going to be many decisions that you need to make, such as the price to charge your customers for your goods and services. You have just graduated from college and recently opened a specialty pizza restaurant. Based on surveys conducted in your area, you determine that it is feasible to sell your specialty pizzas for $15. The cost for making the pizzas includes a fixed cost of $55 and a labor cost of $4 per pizza.
a. Establish an equation to determine revenue.
b. Establish an equation to determine total cost.
c. How many pizzas must be sold to break even (i.e., you experience neither a profit nor a loss)? Interpret your result.
As a business owner, it is very important to have an understanding of profit and loss. The formula for determining profit is Profit = revenue – cost (P = R – C).
d. Determine the profit if 500 specialty pizzas are sold. Interpret your result.
e. How many specialty pizzas would need to be sold to make a profit of $1,100? Interpret your result.
f. How many specialty pizzas would you need to sell if you wanted to make a profit greater than $1,595? Interpret your result.
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