Mm255 Business Math And Statistical Assessment Answers
Questions:
Equations are around us in everyday life. For example, if you have $30 at a baseball game and you go to the concession stand for hot dogs and hamburgers, and hot dogs are $3 each and hamburgers are $5 each, how many of each can you purchase? There isn’t just one answer.
Your Assignment is to create your own equation in a business setting. Present the equation in an essay type format.
- In the first paragraph, introduce your equation that has two different variables. Tell what your variables represent, and tell what the equation represents.
- In the second paragraph, present two solutions to your equation.
- In the third paragraph, discuss how and when equations are used in business transactions and give at least two examples.
- In the final paragraph, state your conclusions.
Answers:
1.In the daily activities, the public means move to enhance their profits. Assuming that in a certain route there are 10 number of public means vehicles. Eachpassenger pays x dollars per route. The passanger capacity for each vehicle is 50, then they make 6 trips in a day. Assuming the total cost of maintaining the vehicle and overall costs as y dollars. The profit generated will be given by:
50*6*10*x - (y*6) = profit generated per day.
= 3000x - 6y = profit
2.The profit of the business can be determined for one vehicle and then.multiple with the number of vehicles operating on that route. If the revenue generation is x number of vehicle and the cost of operation per vehicle is y dollars. With 50 passenger capacity and making 6 trips, the profit will be;
(3000-y)x = profit
In addition, the profit per route can be determined and then the profit for the whole routes of the day. With 50 passenger capacity, a vehilcle will generate 500x revenue with y
The profit generated per route will be 500x -y and the whole day the net profit will be 600x-y times the number of routes per day.
3.In the business field, the equation is used in the determination of the profitability of businesses. The difference between the overall revenue generation and costs incurred is able to lead to the net profit generation (WetFeet.com, 2008). The number of vehicles operating in that route and the costs incurred by the vehicles will lead to the overall net profit from the business. An example of influencing the equation is the increase of trips made which leads to an increase of revenue generation. This also leads to an.increase of costs. Additionally, the equation by influenced in the case where the vehicles available are increased.
4.The understanding of all the parameter is critical in order to generate the profit in the business context. The key areas include the areas of revenue generation and the costs incurred (Mason,2012). Defining these parameters is able to lead to proper calculation of the profit. The factors should be categorized properly in order to enhance proper analysis. The equation formation should follow the identified parameters and the way the affect each other.
References
Mason, J. (2012). Business operations.
WetFeet.com (Firm). (2008). Ace your case V: Business operations questions. San Francisco, CA: WetFeet.
