For this portfolio, I have a checklist and there is a mini-recording at the bottom of the checklist that can help you through it.
1. Choose an item you can make. Lemonade is not logical because you usually calculate the cost to make per gallon and not per cup. Choose an item that you can decide an exact amount for the following:
a. One item that has only one size, one product. Avoid things like small, medium and large candles or different items. Make it simple.
b. One cost to make.
c. One selling cost-- logically it is more than it costs to make 1.
d. One set amount of time to make one. It should be something that you make in minutes, so I would round to a time you can calculate easily, like 15 minutes which is .25 of an hour. or 90 minutes which is 1.5 hours.
e. You also need an investment amount. Have enough money so that you can make several of your item. Investing $50 but each costs $10 is not enough.
2. Expect to graph on a number line. It will not be your investment amount for tasks 2 and 3 and not be 200 hours for the time used. The 1st inequality graph is to see how much you can make with the amount you have invested. The 2nd inequality graph is the same but with $300 of your parent's money. The 3rd graph shows how many you can make from the amount of time you take for 1 and the 200-hour limit.
3. For Tasks 2 and 3, after you graph, you find out what your total earnings are, which uses the max you can make and the total you get from selling them.
4. After that, you get the total profit, which is the earnings, but without the investment amounts. On Task 3, there is an additional amount that you may have to give your parents if your earnings are over $600 -- 10% of the amount over $600.
It sounds like you are describing a project or homework assignment that involves creating a business plan for a product. You are required to determine financial aspects such as costs, selling price, production time, and investment. The assignment includes graphical representation of your production capabilities under different financial scenarios and time constraints. You will need to calculate total earnings and profits, and consider a stipulation involving repayment if earnings exceed a certain threshold.
Here's how you might approach each task:
1. Choosing an item for production:
a. Find a simple product, one with no variations in size or options (e.g., a custom keychain, a handmade soap).
b. Determine the cost to make one unit of the product considering materials, labor, etc.
c. Set a selling price for the product that ensures you make a profit on each sale.
d. Calculate the time it takes to make one product and express it as a fraction of an hour (e.g., 20 minutes would be 0.33 hours).
e. Establish an initial investment amount that allows you to produce multiple units of your product (e.g., if each unit costs $10 to make, a reasonable investment might be $200 to produce 20 units to start).
2. Graphing on a number line:
- The first graph represents how many units you can produce with your initial investment.
- The second graph shows how many units you can produce with an additional $300 from your parents.
- The third graph displays how many units you can produce within a 200-hour time frame.
3. Calculating total earnings:
- Use the maximum number of units producible (as derived from the graphs) to calculate total revenue by multiplying it by the selling price.
4. Determining total profit:
- Subtract the investment amount(s) from the total earnings to determine profit.
- If profits exceed $600, calculate the repayment to your parents, which is 10% of the amount over $600.
Remember to listen to the mini-recording provided with the checklist, as it may offer additional guidance or clarification on how to proceed with the assignment. Make sure to follow your checklist closely and review each step of your calculations to ensure accuracy. Good luck with your project!