A pack of 250 key blanks cost $23.50. What is the unit price?
If each key costs a customer $1.75, and it takes 2 minutes for Darren to cut a key, how much does Darren make per hour?
If Darren, as the business owner, pays himself $800 per week, how much profit (or loss) is the store making when he cuts all the keys (and not the employees, who are paid at a lower rate?
23.5 / 250 = 0.094
(1.75 - 0.094)/30 = ?
The rest of the problem depends upon how many keys he cuts per week.
A pack of 250 key blanks costs $23.50. What is the unit price?
If each cut key costs a customer $1.75, and it takes 2 minutes for Darren to cut a key, how much does Darren make per hour?
If Darren, as the business owner, pays himself $800 per week, how much profit (or loss) is the store making when he cuts all the keys (and not the employees, who are paid at a lower rate)?
To find the unit price, you need to divide the total cost by the number of items in the pack.
Divide the total cost of $23.50 by the number of key blanks in the pack, which is 250.
Unit Price = Total Cost ÷ Number of Items
Unit Price = $23.50 ÷ 250
Unit Price = $0.094 or approximately $0.09
Therefore, the unit price of each key blank is $0.09.
Now, let's calculate how much Darren makes per hour. We need to know how many keys Darren can cut in an hour.
Since it takes Darren 2 minutes to cut a key, we can calculate how many keys he cuts in an hour by dividing 60 minutes (in an hour) by 2 minutes (per key).
Keys per Hour = 60 minutes ÷ 2 minutes per key
Keys per Hour = 30 keys per hour
Now, let's calculate how much Darren makes per hour by multiplying the number of keys he cuts in an hour by the price per key.
Money per Hour = Keys per Hour × Price per Key
Money per Hour = 30 keys per hour × $1.75 per key
Money per Hour = $52.50
Therefore, Darren makes $52.50 per hour.
To determine the profit or loss of the store when Darren cuts all the keys, we need to consider the total revenue and the total expenses.
Total Revenue = Number of keys × Price per key
Total Revenue = 250 keys × $1.75 per key
Total Revenue = $437.50
The total expenses include the amount Darren pays himself, which is $800 per week.
Profit (or Loss) = Total Revenue - Total Expenses
Profit (or Loss) = $437.50 - $800
Profit (or Loss) = -$362.50
Therefore, the store is making a loss of $362.50 when Darren cuts all the keys.