In Task 1 you determined how much of your own money you’re willing to spend to get your business started. This is your limit—when making your product you can’t exceed this amount.
Write an inequality that represents the fact that while making your product you can’t exceed this spending limit. (If I invested $200 to start, the cost per item is less than or equal the total money you have to invest, for example if the cups of lemonade cost $.63 per cup: .63c ≤ 200 [.63 cents per cup is less than or equal to $200])
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Solve this inequality. Example: .63c ≤ 200 or c ≤ 317.4, so I can only make 317 cups with my $200 (317 instead of 317.4 because you can’t make .4 cups)
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Explain what your solution means in terms of the situation. Example: so I can only make 317 cups with my $200 (317 instead of 317.4 because you can’t make .4 cups)
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In Task 1 you determined how much you will charge for each item. Write an equation that represents your total earnings based on the price of your item and how many you sell. Example: If I charge $1.50 per cup, and it costs .63 per cup to make - 1.50c - .63c = total earnings. If I sell 50 cups: 1.50(50) - .63(50) = 43.50.
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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? SHOW THE EQUATION Example: What will be your total profit based on how many items you can sell, depending on what you invest: 1.50(317) - .63(317) = 275.79
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Don’t forget that at the beginning of the process you had to spend some of your own money to get started. With the costs taken into account, what was your total profit? Did you make money or lose money? If so, how? Example: I only invested $8 to start, so $275.79 - $8 = 276.79, so I made a profit of $276.79.
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On task one i used paintings and i sold them $15-$25 depending on the painting
To represent the fact that while making your paintings, you can't exceed your spending limit, you can use the following inequality:
15x ≤ spending limit
Here, 'x' represents the number of paintings you make and sell, and 'spending limit' represents the maximum amount of money you are willing to spend.
To solve this inequality, you divide both sides of the inequality by 15:
x ≤ spending limit / 15
For example, if your spending limit is $300, then the inequality becomes:
x ≤ 300 / 15
x ≤ 20
This means that you can make and sell a maximum of 20 paintings given your spending limit.
Now, to calculate your total earnings based on the price of each painting and the number you sell, you can use the following equation:
earnings = (selling price - production cost) * number of paintings
For example, if the selling price ranges from $15 to $25 depending on the painting and the production cost is $10 per painting, the equation becomes:
earnings = (15 - 10) * x
To find the most money you can hope to earn from your business, you can substitute the maximum possible value of 'x' (which is 20 in this case) into the equation:
earnings = (15 - 10) * 20
earnings = $100
This means that the most money you can hope to earn from your business is $100.
Taking into account the spending limit and costs, your total profit can be calculated by subtracting the initial investment from the total earnings:
total profit = earnings - initial investment
For example, if your initial investment was $50, the total profit would be:
total profit = $100 - $50
total profit = $50
This means that you made a profit of $50 from your business.