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

I'm going to try my best, I'm not the greatest at math.

(a) Lucy sells one necklace for $15.99, her profit would be:

Profit = $15.99 - $3.38(1) - $5.57(1)

Profit = $7.04

(b) Divide 704 by 1599, 704 ÷ 1599 = 0.44.

(c) To find the larger sum you should divide, $223.86 ÷ $15.99/necklace = 14 necklaces. So her profit for 14 necklaces is $223.86 - $3.38(^14) - $5.57(^14) = $98.56.

Hope this helps!!

Answer 2

a) profit = $7.04 fraction = 704/1599

b) 0.44

c) 14 necklaces .profit= $98.5

Explanation:

Hi, to answer this question we have to write equations with the information given:

Cost = x (3.38 + 5.57)

Revenue= x 15.99

a) Profit = revenue - cost = 15.99 (1) - (3.38 + 5.57)(1) = 15.99-8.95= $7.04

To obtain the fraction, we know that the sale price (15.99) multiplied by a fraction (x) is equal to the profit (7.04).

15.99 x = 7.04

Solving for x:

x =7.04/15.99 = 704/1599

b) The same as before, only in decimal form. Simply divide 704 by 1599 = 0.44

To round 0.44 to the nearest hundredth consider the thousandths' value of 0.44, which is 0 and less than 5. Therefore, the hundredths' value of 0.44 remains 4.

c) The revenue is $223.86, so:

223.86 = x 15.99

Solving for x:

x = 223.86/15.99 = 14 necklaces

For the profit:

Profit = revenue - cost = 15.99 (14) - (3.38 + 5.57)(14) = 15.99(14)-8.95(14)= 223.8 -125.3=$ 98.5