You want to start a bakery business to earn money. The total amount of money you will invest is $10,000. You will be selling cakes. It will cost you $14 to make each cake.
x≤714
You plan to sell each cake for $50. Write an equation that represents your total earnings, T, based on the price of your cake and how many you sell. Let x represent the number of cakes you sell.
T≤50x
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?
$35,700
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?
Total profit = Total earnings - Total investment
Total earnings = T = 50x
Total investment = $10,000
Profit = 50x - $10,000
Given that x ≤ 714, let's assume x = 714.
Profit = 50(714) - $10,000
Profit = $35,700 - $10,000
Profit = $25,700
Therefore, the total profit is $25,700.
To calculate the total profit, we need to subtract the total cost from the total earnings.
Since the total cost to make each cake is $14 and the number of cakes sold is represented by x, the total cost is given by:
Total cost = $14 * x
And the total earnings are given by the equation from part c, which is:
Total earnings = $50 * x
So the total profit can be calculated as:
Total profit = Total earnings - Total cost
Total profit = ($50 * x) - ($14 * x)
Total profit = $36 * x
Since x ≤ 714, we can substitute x with the maximum value of 714:
Total profit = $36 * 714
Total profit = $25,704
Therefore, with the costs taken into account, the total profit is $25,704.
To calculate the total profit, we need to subtract the total cost from the total earnings.
Total earnings (T) = $35,700 (as given in the previous answer)
Total cost (C) = The cost to make each cake multiplied by the number of cakes (x)
The cost to make each cake is given as $14, and the number of cakes sold (x) can be represented by the equation x ≤ 714.
So, the equation for the total cost is: C = 14x.
To find the total profit, we subtract the total cost from the total earnings:
Total profit = Total earnings - Total cost
= T - C
Substituting the values, we have:
Total profit = $35,700 - (14x)
Therefore, the equation for the total profit is:
Total profit ≤ $35,700 - 14x