In this word problem, i really need help and advice on how to solve this. What should i be doing to answer this question?
Candy is being sold in two sizes. The original sizes uses a container of radius 2inces and will be sold for $4.99. A coworker suggests doubling the sizes to radius of 4inches and prices for the second size package. The cost of foil is $.015/inches squared. The cost of chocolate is $.02/inches squared. Cost of candy to fill the container is $.03/inches squared. All of the candy is sold to make atleast 50% profit
Explain if this is a good idea or not?
Thankyou!
lot of redundant information here.
The flaw is in the doubling of the radius and the price.
doubling the radius would increase the area by a factor of 4, so the price should be increased 4 times the original.
so, bad idea.
To determine if doubling the size of the candy package is a good idea or not, we need to compare the costs and profits of the two options: the original size and the doubled size.
First, let's calculate the area of the container for both sizes:
- Original size: The container has a radius of 2 inches, so the area is calculated as π * (2^2) = π * 4 = 12.57 square inches.
- Doubled size: The container has a radius of 4 inches, so the area is calculated as π * (4^2) = π * 16 = 50.27 square inches.
Next, let's calculate the costs for each size:
- Foil cost: The cost of foil is $0.015 per square inch.
- Original size: Foil cost = 12.57 square inches * $0.015/square inch.
- Doubled size: Foil cost = 50.27 square inches * $0.015/square inch.
- Chocolate cost: The cost of chocolate is $0.02 per square inch.
- Original size: Chocolate cost = 12.57 square inches * $0.02/square inch.
- Doubled size: Chocolate cost = 50.27 square inches * $0.02/square inch.
- Candy filling cost: The cost of candy filling is $0.03 per square inch.
- Original size: Candy filling cost = 12.57 square inches * $0.03/square inch.
- Doubled size: Candy filling cost = 50.27 square inches * $0.03/square inch.
Now, let's calculate the total costs for each size by summing up the foil, chocolate, and candy filling costs:
- Total cost = Foil cost + Chocolate cost + Candy filling cost.
After calculating the total costs for both sizes, we can determine the selling price for each size, taking into account the desired 50% profit:
- Selling price = Total cost + 50% of Total cost.
Compare the selling prices of the two sizes. If the selling price for the doubled size is higher than the selling price for the original size, then it may be a good idea to double the size of the candy package. However, if the selling price for the doubled size is lower or not significantly higher than the selling price for the original size, it may not be a good idea.
By following these calculations, you can determine whether doubling the size of the candy package is a good idea or not based on the costs and profits.