Assume you want to start a business selling ice cream cones. The ice cream machine costs $100.00. Each cone you sell costs you $1.00 in time and materials. Explain how you can use algebra to figure out how many cones you need to sell at what price to pay for the machine. Identify the variables you need to consider. You do not need to solve the problem but you must explain in detail how you would solve it.
To figure out how many ice cream cones you need to sell at what price to pay for the machine, you would need to consider the following variables:
1. Cost of the ice cream machine: This is a fixed cost of $100.00.
2. Cost per cone: This includes the cost of materials and time it takes to make a cone, which is $1.00.
3. Price per cone: This is the price at which you sell each cone. Let's call this variable "p".
To determine how many ice cream cones you need to sell to pay for the machine, you would set up an algebraic equation. Let's denote the number of cones you need to sell as "n".
The total cost to pay for the machine would be the cost of the machine plus the cost per cone multiplied by the number of cones sold. This can be represented as:
100 + 1n = pn
To solve for the number of cones you need to sell to pay for the machine, you would need to consider the desired profit margin and other factors such as overhead costs, rent, utilities, and marketing expenses. By using algebra to manipulate the equation and plug in different values for "p", you can determine the price per cone and the number of cones you need to sell to cover the cost of the ice cream machine and make a profit.