Question

The function p(x)= -15x(squared)+600x-1800 models the monthly profit of a small business, where x is the price of an item. For what price of items does the store earn a monthly profit of at least $1950?

Answer 1

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Answers to extra questions for Chapter 3 Cost assignment

Answer to question 3.1

a)(£)(£)Photography: 64 pages at £150 per page9 600Set-up:Labour – 64 plates × 4 hours per plate= 256 hours at £7 per hour1 792Materials – 64 plates at £35 per plate2 240Overhead – 256 labour hours at £9.50 per hour2 432––––6 464Printing:Materials (paper):100 000 catalogues × 32 sheets ×

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1 £01020

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×

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19080

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39 184Materials (other):

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105000000

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× £71 400Labour and Overheads

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1010000000

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m/c hours at £62 per hour6 200––––46 784Binding:Labour and Overheads

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1020500000

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m/c hours at £43 per hour1 720––––––Total costs

Selling price – £64 568 ×  19000  71 742––––––(b)Estimated hours = 256Actual hours = 256 ×  19000  = 284.4Additional costs = (284.4 – 256) × £16.50 (£7 labour rate + £9.50 overhead rate