d)
Using your answer from part b and your equation from part c, what is the most money you can hope to earn from your business?
The most money I can hope to earn from my business can be calculated by multiplying the maximum number of products I can sell (from part b) by the selling price of each product (from part c).
To answer this question, let's first review the information from the previous parts:
a) You can sell each widget for $50.
b) You estimated that you would be able to sell 100 widgets per day.
c) Your equation for the total revenue (R) is given by R = price per widget × number of widgets sold.
Now, to find the most money you can hope to earn from your business, we need to calculate the total revenue.
Using the information from part b, we know that you can sell 100 widgets per day. So, we can substitute the values into the equation:
R = $50 × 100 = $5,000
Therefore, the most money you can hope to earn from your business is $5,000 per day.
To find the most money you can hope to earn from your business, we need to find the maximum value of the equation from part c.
The equation from part c is:
Profit = (Revenue - Cost)
From part b, we found that the revenue equation is:
Revenue = (Price x Quantity)
So, the profit equation becomes:
Profit = (Price x Quantity) - Cost
To find the maximum profit, you would need to maximize the value of (Price x Quantity) - Cost.
Since we don't have specific values for Price and Quantity, we cannot calculate the exact maximum profit. However, to maximize the profit, you would aim to maximize the product of Price and Quantity while minimizing the Cost.