Question

1. Lucy has a jewelry business. To make a certain necklace, she spends $3.38 on materials and $5.57 on labor. She then sells the necklace for $15.99. Lucy’s profit on the necklace is equal to the sale price minus the cost of materials and labor.
(a) How much profit does Lucy earn when she sells a necklace? What fraction of the sale price of the necklace is profit? Record your answer as a fraction using whole numbers.
(b) What decimal of every dollar of the sale price of the necklace is profit? Show your work. Round your answer to the nearest hundredth.
(c) Lucy collected $223.86 selling necklaces at a craft fair. How many necklaces did Lucy sell? How much profit did she earn? Show your work.

Answer 1

a) like the problem says, profit = sale price - cost of materials and labor. Sale price, cost of materials, and cost of labor are given in the problem so simply subtract sale price - cost of materials and labor to get the profit.

To get the fraction of profit out of the sale price, divide (profit)/(sale price) and record this fraction

Answer 2

b) convert the fraction from part a into a decimal by dividing the numerator by the denominator and rounding to two places as indicated

c) she collected $223.86 so divide this by the sale price per necklace to get the # of necklaces sold. Add the cost of labor and materials for *one* necklace to get the cost of making one necklace then multiply by the number of necklaces sold. Finally subtract $223.86 - total cost of making the necklaces to get the profit.