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28 October, 19:45

Scenario:Ed is the proud new owner of a flower shop. His most popular arrangement sells for $45. Ed has determined that the cost of materials for this flower arrangement is $5. Ed has also determined that it takes his employee about one hour to complete one arrangement, and this employee is paid $12 per hour. Additional costs include $5 per arrangement to cover such expenses as rent and electricity.

Use the information presented in the scenario and the drop-down menus to answer these questions.

Ed's revenue from selling his most popular arrangement is.

Ed's total production costs for one flower arrangement are.

Ed's profit on each arrangement is

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Answers (1)
  1. 28 October, 20:11
    0
    Revenue: $45

    Production Cost: $22

    Profit: $23

    Explanation:

    Revenue is the money received from selling the product before costs are deducted. So Revenue would be $45

    Ed Production cost include the following:

    Cost of Materials for flower arrangement = $5

    Labor cost = $12

    Additional Costs = $5

    Total Production Cost = $5+$12+$5 = $22

    Ed profit on each flower arrangement will be The revenues minus costs:

    $45 - $22 = $23
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