Try Magic Notes and save time.Try it free
Try Magic Notes and save timeCrush your year with the magic of personalized studying.Try it free
Question

An animal shelter has 200 calendars to sell at a fair as a fundraiser. Each of the calendars costs $3 to make. The shelter hopes to sell all the calendars and make a total profit of$1800. a. What should the selling price of each calendar be? b. If the shelter hopes to make a profit of \$2000, what should the selling price of each calendar be? Explain your reasoning.

Solution

Verified
Step 1
1 of 2

It is given that the shelter has 200 calendars to sell and each of the calendars costs $\3$ to make.

(a) The formula for profit is $P=I-E$ where $I$ is income and $E$ is expenses. Solving this equation for $I$ gives $I=P+E$.

We know that each calendar costs $\3$ so the expenses for 200 calendars is $E=200\cdot\3=\600$.

It is given that they want to have a profit of $P=\1800$ so they need a total income of $I=P+E=\1800+\600=\2400$.

Therefore, they must sell each calendar for:

$\text{(total income)}\div\text{(number of calendars) }= \2400\div200=\boxed{\12}$

(b) If they want a profit of $P=\2000$ instead of $\1800$, then they would need to have an income of $I=P+E=\2000+\600=\2600$.

Therefore, they must sell each calendar for:

$\text{(total income)}\div\text{(number of calendars) }= \2600\div200=\boxed{\13}$

Recommended textbook solutions

enVision Algebra 1

1st EditionISBN: 9780328931576 (4 more)Al Cuoco, Christine D. Thomas, Danielle Kennedy, Eric Milou, Rose Mary Zbiek
2,263 solutions

Algebra 1 (Common Core Edition)

1st EditionISBN: 9780547647135 (1 more)Boswell, Larson, Stiff, Timothy D. Kanold
4,536 solutions

SpringBoard Algebra 1

1st EditionISBN: 9781457301513SpringBoard
3,022 solutions

Big Ideas Math Integrated Mathematics II

1st EditionISBN: 9781680330687Boswell, Larson
4,539 solutions