Question

Can someone please help me with this question real quick? +Medal

Answer 1

This is all three tasks (I will post them one by one):

Answer 2

What is that you need help with

Answer 3

Task 1:

a. I am willing to invest $200 in this business.

b. I am going to make and sell bracelets. They are easy and quick to make, are worn by everyone, and are also fairly popular.

c. It will cost me about 2 dollars for 1 bracelet. I will sell each bracelet for 3 dollars.

d. I will be able to profit from them because the amount that I will end up selling will be more than the amount I end up spending and investing.

Answer 4

I need help with the prices and stuff...like part c in Task 2 which is: In Task 1 you determined how much you will charge for each item. Write an equation that represents your total earnings based on the price of your item and how many you sell.

Answer 5

First question: how many bracelets are you planning to sell

Answer 6

Task 2:

a. x = number of bracelets sold; 2 x x <= 200

b. 2 x x <= 200
x <= 200/2
x <= 100
In terms of the situation, x <= 100 means that the number of bracelets I make will either be less than or equal to 100; if I exceed this limit, than I will be exceeding my spending limit/budget, because if I am to make 100, bracelets, it will cost me 200 dollars, if I am to make 101 bracelets, it will cost me 202 dollars. (I've already drawn the number line)

c. is this correct?: t = total earnings; t = 3 x 100 (assuming I sell all the bracelets I make is a lot... so how about 30 0r 40 instead?)

Answer 7

@infinityknowledge Is 30 or 40 a lot?

Answer 8

why did you multiply by 2 on left in Task 2 part a?

a. x = number of bracelets sold; \(\color{red}{2} \times x \le 200\)

Answer 9

because it cost 2 dollars per bracelet

Answer 10

oops, that's wrong...

Answer 11

:) yes that must be the amount your are gonna spend to make each bracelet and not the selling price

Answer 12

x = cost of items bought/investment

Answer 13

But that's what confused me...because in part b, it says to solve the equation, whereas there is nothing to solve because there is only one variable...

Answer 14

okay see this-

you are saying that \(x = cost ~of ~items ~bought/investment/ ~or~we~say~making~cost\)
and that \(2=selling~price\)

then you say that \(2 \times x \le 200\)

here \(2 \times x\) is basically this->
\(making~cost \times selling~cost\) do you think its alright

Answer 15

no, that's wrong

Answer 16

So x ≤ 200 is correct, where x = investment. the selling price isn't involved because it has nothing to do with the budget.

Answer 17

well thats correct but not fully correct
think about the part b of task 2
what will you conclude from this inequality there

Answer 18

It means that I can't spend/invest more than 200 dollars...right?

Answer 19

well yea thats correct but you can get more information from the graph if you modify your equation a lil bit
think about this->
\(\alpha= making~cost~of~each~bracelet\)
\(x=number~of~bracelets\)

so total making cost will be-> \(\alpha \times x\) and it must be less than 200

so our equation becomes-> \(\alpha \times x \le 200\)

now you gotta decide what \(\alpha\) we must take
so what \(\alpha\) do you wish to take?

Answer 20

Wow, qwerty ur soooo smart

Answer 21

Right, so the amount of bracelets I make times the cost of each bracelet should be less than or equal to 200. The cost of making each bracelet is 2 dollars, and the number of bracelets I'm gonna make will be....I'm not sure...

Answer 22

okay so cost of each bracelet is 2 so our equation becomes->
\(2 \times x \le 200\)

haha so we come back to what you said earlier :) but this time 2 is the making cost and not selling cost

and you also concluded it correctly -
b. 2 x x <= 200
x <= 200/2
x <= 100
In terms of the situation, x <= 100 means that the number of bracelets I make will either be less than or equal to 100; if I exceed this limit, than I will be exceeding my spending limit/budget, because if I am to make 100, bracelets, it will cost me 200 dollars, if I am to make 101 bracelets, it will cost me 202 dollars. (I've already drawn the number line)
x cannot exceed 100 because if it does we won't be able to make all bracelets because we'll run out of budget

Answer 23

So I was right?

Answer 24

yea it was alright
well here- http://prntscr.com/9lj744 did you mean that 2 is selling cost or making cost?

Answer 25

2 was the selling cost

Answer 26

yes that was only mistake you made
there 2 must be the making cost

Answer 27

oooh..........right XD

Answer 28

okay so what next?

Answer 29

well, for part c in task 2, the equation is: t = total earnings. s = number of bracelets sold; t = 3 x s
So if I sell 45 bracelets, the equation would be: t = 3 x 45

Answer 30

yes correct

Answer 31

if that's correct, than we can go to part d. using the equation from part c, I would make 135 dollars...I'm not exactly profiting...what if I place my budget to 150 and sell 50 bracelets? or is that to much? (I have to go to a class in about 20 minutes)

Answer 32

well you made only 45 bracelets
total cost of making will be= \(cost~ of~ making ~each~bracelet \times number ~of~bracelets\)
so that will be= 45x2 =90

so we made bracelets for $90 and after selling we got $135
didn't we profited? :)

Answer 33

oh right XD i was only looking at my budget, which is 200. I forgot that we didn't spend that much.

Answer 34

:) what next?

Answer 35

Its actually 3 dollars per bracelet, not 2

Answer 36

So we made 135 dollars, not 90

Answer 37

90 is the total cost of making
and 135 is total cost of selling

if we made x bracelets
then-> selling cost= \(\color{red}{selling~price}~of~1~bracelet\times x\)
making cost=\(\color{red}{making~price}~of~1~bracelet \times x\)

making price=2$ per bracelet
selling price =3$ per bracelet

Answer 38

Right, right! So we spent 90 dollars making the 45 bracelets, and by selling all 45 bracelets, I made 135 dollars. So i have profited, and I haven't exceeded my budget.

Answer 39

yes :)

Answer 40

I'm not exactly what part e of task 2 wants...is it referring to my budget when it says that I spent some of my own money in the beginning? Wait a minute...so I spent

Answer 41

okay for part e task 2 we start answering questions that it asks 1 by 1

1st it asks-> \(\color{blueviolet}{ With~ the ~costs~ taken ~into ~account,~ what ~was~
your~ total~ profit?}\)
answer this

Answer 42

45 dollars.

Answer 43

yes correct :)
now we move forward to next question that it asks->\(\color{blueviolet}{Did~ you~ make~ money~ or~ lose~ money? }\)
answer this

Answer 44

I made money.

Answer 45

yes correct
now it asks-> \(\color{blueviolet}{ Now ~that~ you~ have~
these~ values,~ would~ you ~adjust~ your ~business ~plan~ from~ Task~ 1?}\)

here they are saying that you know your profit/loss and how much you earned/lost

you know that you have to profit (obviously evryone wants to profit we don't want to lose)

now if you are not profiting then would you like to adjust your business strategy(we made the strategy in task 1)

Answer 46

Well I have profited, but knowing these values makes me realize that I can profit more if I go back and adjust my strategy. But right now, I don't want to make any changes because I haven't lost anything and I am happy with the amount that I have earned

Answer 47

I'm really sorry, but I have to go to class right now! Will you still be here in an hour and half or so?

Answer 48

lol yeah you can profit more by increasing the selling price
But remember that if you do that then maybe customers don't buy it cuz it wuld become too expensive
yeah i'll be there

Answer 49

Thank you so much! Bye for now!

Answer 50

np :) c ya

Answer 51

@imqwerty I'm back!

Answer 52

welcome back :)

Answer 53

:) okay, so we've moved on to Task 3...My parents have gave me an additional $300, so my budget is now $500. I believe part a becomes: \[2 \times x \le 500 \]

Answer 54

yes :)
so which part in task 3

Answer 55

in terms of the situation, it means that the amount I end up investing in the business can't exceed the limit... the number line is easy b and c are easy too.. I have a bit of trouble with part d. would the inequality be this?: t = time spent making bracelet/investing in business; \[t \le 200\]

Answer 56

or would I have to calculate how long each bracelet takes?...

Answer 57

okay lets say we take \(t\)hours to make 1 bracelet
and we make \(x\) bracelets
then total time to make them all will be= \(x \times t\)
and it should be less than 200 hours
so
\(x \times t \le 200\)

Answer 58

Right! so...lets say each bracelet takes 6 minutes. So that would be
6 × t ≤ 200

Answer 59

Is the 45 bracelets that I made and sold have anything to do with this or do I have to make up a whole new number of bracelets that I'll be making?

Answer 60

you mean-
\(x \times 6 \le 200\)

Answer 61

yes it has to

Answer 62

oh okay, and yes your right i meant x times 6 is <= 200. So how do the 45 bracelets come into the picture?

Answer 63

\(x \times 6 \le 200\)
if x=45 then
\(45 \times 6 \le 200\)
\(270 \le 200\)
so you'll run out of time

Answer 64

you'll run out of time because it will take 270hours to make 45 bracelets but you got only 200 hours to do it so you won't be able to complete it

Answer 65

So what if it takes 4 minutes? then it would take 180 hours.

Answer 66

honestly making one bracelet doesn't really take more than 2 minutes...

Answer 67

yes
if you reduce the time to make each bracelet then it will be okay
because then you can complete your work in time

Answer 68

Would it be more realistic to write 2 minuets or 4 minutes?

Answer 69

lets take 3 mins okay? :)

2 is too less
and 4 is maybe more

Answer 70

Yeah that sounds good :)

Answer 71

well you can take it 2 as well it depends upon you

Answer 72

3 is good, I think. So, the equation becomes 45 x 3 <= 200

Answer 73

well equation must be this-
\(x \times 3 \le 200\)

what can you conclude from here?

Answer 74

that the amount of time I spend making whichever amount of bracelets would not exceed my time limit.

Answer 75

no
there is a specific value of bracelets which you can make in 200hours if you make 1 bracelet in 3mins
how to find that value?
just do this-
\(x \times 3 \le 200\)
\(x \le \frac{200}{3}\)
\(x \le 66.66\)
well number of bracelets can't be in fractions
so
\(x \le 66\)

so you can make 66 bracelets at the most, if you make 1 in 3 mins

Answer 76

Oh I can;t believe I overlooked that! XD I totally forgot. So, if I make 1 bracelet in 3 minutes, than I have to calculate how many bracelets I am able to make within 200 hours (which you already did). So I can make 66 bracelets in 200 hours.

Answer 77

yes :)

Answer 78

so for part e, we solved the inequality, which became 66. The number line is easy, and in terms of the situation, the solution means that the time I spent making the bracelets have not exceeded the time limit.

Answer 79

yes :)

Answer 80

:) so in part f...the amount of money I made selling the bracelets is equivalent to 66 x 3 =198. The amount of money I spent is equivalent to 66 x 2 = 132. So 198 - 132 = 66. I have profited by $66.....is that wring? It seems I don't have to give my parents 10% of my earnings because I haven't earned more than $600....

Answer 81

yes correct :)

Answer 82

Well that's all, then! Thank you so, so, so, so much! If only I could give you more than one medal! Your help has meant a lot to me! Thank you! :D

Answer 83

lol no problem (B :D