Solving Inequalities in Business. Profit  Cost - How much you spend.  Revenue - How much money you take in.  To make a profit, Revenue > Cost.

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Presentation transcript:

Solving Inequalities in Business

Profit  Cost - How much you spend.  Revenue - How much money you take in.  To make a profit, Revenue > Cost

Example: Bake-Sale  You buy a pack of 12 cupcakes from the store for $4. You sell all 12 of them at a bake sale for p each.  Your cost if $4.  Your revenue is 12p (unless you can’t sell all of them).  You make a profit if 12p > $4

Example: Selling fries  Fries are a popular street food in Namibia. In Namibia, you could buy a 5kg bag of potatoes for N$50 (about $7), and 1L of oil for N$20 (about $3). This would be enough to sell about 30 bags of fries.  What is your cost ?  What if you only use half of the oil?  What is your revenue ?  How much should p be to make a profit ?  If they sell fries for N$2 per bag, will they make a profit?

Selling ice cream floats  Assignment: You want to try to sell root- beer floats to raise money.  Figure your costs, estimate how many you can sell, and calculate the price in order to make a profit. Photo by Arnold Gatilao Retrieved from Wikipedia