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Scenario: In this assignment, you are the entrepreneur investing in a specialty pizza restaurant, and you are required to apply what you have learned in your business algebra math course given various scenarios.
Please be prepared to discuss this assignment for the Week 4 Discussion Board.
Assignment
Part I: Previously, when equations and inequalities were covered, you found many uses of various equations and inequalities and how they can be applied in real-world settings. In 2 paragraphs, discuss the following:
a. How can equations and inequalities help a business maximize profit or minimize costs?
b. What is the importance of understanding how to set up and solve equations and inequalities (discuss in general without a mathematical example)?
Part II
Break-Even Analysis: A Look at Profit and Loss: As an entrepreneur, there are going to be many decisions that you need to make, such as the price to charge your customers for your goods and services. You have just graduated from college and recently opened a specialty pizza restaurant.
Based on surveys conducted in your area, you determine that it is feasible to sell your specialty pizzas for See announcements for figures. The cost for making the pizzas includes a fixed cost of $ See announcements for figures. and a labor cost of $ See announcements for figures. per pizza.
a. Establish an equation to determine revenue.
b. Establish an equation to determine total cost.
c. How many pizzas must be sold to break even
(i.e., you experience neither a profit nor a loss)? Interpret your result.
As a business owner, it is very important to have an understanding of profit and loss. The formula for determining profit is Profit = revenue – cost (P = R – C).
d. Determine the profit if see announcements for figures specialty pizzas are sold. Interpret your result.
e. How many specialty pizzas would need to be sold to make a profit of $ see announcements for figures?
Interpret your result.
f. How many specialty pizzas would you need to sell if you wanted to make a profit greater than $ see announcements for figures? Interpret your result.
Mathematics of Finance
Part III: As an entrepreneur, there may be times when you
must borrow money to fund the start of your business. You have just graduated
from college, and your dream is to start your own business. Before you start
your dream business, you need to research funding options.
Think of a business that you would like to own. Do research using the
Internet to find more information about loans for small-business owners.
Discuss how small-business loans work and your options for obtaining a
loan.
Discuss the process and procedures for obtaining the loan.
Report your findings in 2 paragraphs.
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