In your socks assignment, create 5 scenarios, in which your hourly pay rate and the socks per hour change:

Question

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)
"Weedheads" ($5,1)
"McDonalds employees" ($8,8)
"Philippinos" ($3,30)
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

Answer 1

What in heaven's name are you talking about?

socks assignment?
goal seel?
foreign children?

Answer 2

i believe she meant to type stocks not socks lol and it looks like an assignment....textbook would definitely come in handy :)

Answer 3

To answer your question and create scenarios using the "child labor" scenario you provided, I will explain how to use a data table in a spreadsheet to calculate the profit based on different socks per hour and pay per hour values.

1. Open a spreadsheet program like Microsoft Excel or Google Sheets.
2. Set up your worksheet with the following columns and rows:
- Column A: "Socks per Hour"
- Row 1: "Pay per Hour"
- Cell B2: "Profit"
- Cells B3 to B6: Empty cells for data table results
- Cells C2 to F2: Values for socks per hour (4, 2, 1, 0.5)
- Cells B3 to B6: Values for pay per hour ($0.25, $5, $30, $63)
Your spreadsheet should look like this:

| | Socks per Hour | 4 | 2 | 1 | 0.5 |
|---------|---------------|-------|------|------|-------|
| Pay per Hour | | | | | |
| $0.25 | | | | | |
| $5 | | | | | |
| $30 | | | | | |
| $63 | | | | | |

3. In cell B3, enter the formula to calculate the profit based on the "child labor" scenario:
```
=$C$2*B$2*40*52-300000
```
This formula multiplies the socks per hour value, pay per hour value, 40 hours per week and 52 weeks per year. It then subtracts the desired profit of $300,000.

4. Select cells B3 to F6 (the range where you want the data table to appear).

5. In Excel, go to the "Data" tab, click on "What-If Analysis" and select "Data Table." In Google Sheets, go to "Data" and select "Data Validation."

6. In the "Data Table" dialog box, enter the column input cell as B2 (profit cell) and the row input cell as C2 (socks per hour cell). Click "OK."

7. Your data table will now display the profit values for different combinations of socks per hour and pay per hour.

Here is an example of what the resulting data table might look like:

| | Socks per Hour | 4 | 2 | 1 | 0.5 |
|---------|---------------|---------|----------|----------|-----------|
| Pay per Hour | | | | | |
| $0.25 | | $300,000 | $900,000 | $1,800,000 | $3,600,000 |
| $5 | | | | | |
| $30 | | | | | |
| $63 | | | | | |

The values in the data table represent the profit earned with different combinations of socks per hour and pay per hour. The value in cell B3 shows that in the "child labor" scenario, with 4 socks per hour and $0.25 pay per hour, you would need to have a profit of $300,000.

Note: The data table assumes a 40-hour workweek, 52 weeks in a year, and the formula subtracts $300,000 from the calculated profit. You can adjust these values and the formula as needed.