1. The total amount of money I am willing to invest in this business is $200.
2. It will cost me approximately $0.50 to make one serving of lemonade. This includes the cost of lemons, sugar, water, and other ingredients.
3. I will charge customers $2 for a glass of lemonade.
4. I believe my business will be profitable. By selling each glass of lemonade for $2 and considering the cost of $0.50 to make one serving, I will be making a profit of $1.50 per glass. If I sell 100 glasses of lemonade, I would make a profit of $150 ($1.50 x 100), which is a good return on my initial investment of $200. Additionally, during the summer season, there is typically high demand for refreshing drinks like lemonade, especially at a local farmers market.
You want to start a summer business to earn money. What will you do? You have to consider how much money you can afford to invest in this business, how much it will cost you to make each item, and how much you’re going to charge for each item. Research something that would be reasonable to make and sell with the startup investment you have determined.
Task 1 - Investment
You are going to start a lemonade stand at your local farmers market. Answer the questions:
1. What is the total amount of money you are willing to invest in this business?
2. How much will it cost you to make one serving of lemonade?
3. How much will a customer pay for a glass of lemonade?
4. Do you think your business will be profitable? Why or why not?
5 answers
Task 2 - Getting Your Business Started
Answer the following questions
1. Write an inequality that represents the maximum amount you are willing to spend on your business start-up.
2. Solve the inequality
Answer the following questions
1. Write an inequality that represents the maximum amount you are willing to spend on your business start-up.
2. Solve the inequality
1. Let x represent the maximum amount I am willing to spend on my business start-up.
The inequality representing this would be:
x ≤ $200
2. To solve the inequality, we simply state that the maximum amount I am willing to spend on my business start-up is $200.
The inequality representing this would be:
x ≤ $200
2. To solve the inequality, we simply state that the maximum amount I am willing to spend on my business start-up is $200.
In Task 1, you determined how much you will charge for each item.
1. Write an inequality that represents your total earnings based on the price of your item and how many you sell.
2.What is the most money you can earn from your business?
3. Consider the cost of making your item. Did you make or lose money?
4. If you lost money, would you change your business plan?
1. Write an inequality that represents your total earnings based on the price of your item and how many you sell.
2.What is the most money you can earn from your business?
3. Consider the cost of making your item. Did you make or lose money?
4. If you lost money, would you change your business plan?
1. Let x represent the number of glasses of lemonade sold and y represent the total earnings.
The inequality representing the total earnings based on the price of each glass of lemonade and how many are sold would be:
y ≥ 2x
2. The most money I can earn from my business would depend on the number of glasses of lemonade sold. If, for example, I sell 100 glasses of lemonade, my total earnings would be:
y = 2(100) = $200
3. Considering the cost of making each glass of lemonade is $0.50, and if we sell each glass for $2, the profit per glass would be $1.50 ($2 - $0.50). Therefore, if I sell 100 glasses of lemonade, my total profit would be:
Profit = $1.50 x 100 = $150
Since the cost of making each glass of lemonade is less than the selling price, I would be making a profit of $150.
4. Since the business plan has resulted in a profit, there is no need to change the business plan at this point. However, if the costs were higher than the selling price resulting in a loss, it would be advisable to reevaluate the business plan and make necessary changes to ensure profitability.
The inequality representing the total earnings based on the price of each glass of lemonade and how many are sold would be:
y ≥ 2x
2. The most money I can earn from my business would depend on the number of glasses of lemonade sold. If, for example, I sell 100 glasses of lemonade, my total earnings would be:
y = 2(100) = $200
3. Considering the cost of making each glass of lemonade is $0.50, and if we sell each glass for $2, the profit per glass would be $1.50 ($2 - $0.50). Therefore, if I sell 100 glasses of lemonade, my total profit would be:
Profit = $1.50 x 100 = $150
Since the cost of making each glass of lemonade is less than the selling price, I would be making a profit of $150.
4. Since the business plan has resulted in a profit, there is no need to change the business plan at this point. However, if the costs were higher than the selling price resulting in a loss, it would be advisable to reevaluate the business plan and make necessary changes to ensure profitability.
4 answers