QuestionJun sells necklaces for \$5.00 each, costing \$0.50 to make. With a \$95 vendor fee, how many must he sell to profit?

Studdy Solution

STEP 1

Assumptions1. The cost of materials for each necklace is $0.50. The selling price of each necklace is$ 5.003. The vendor's fee for the swap meet is $95.004. Jun wants to make more than he spends, not just break even

STEP 2

First, we need to calculate the profit Jun makes from selling one necklace. We can do this by subtracting the cost of materials from the selling price.
$Profit\, per\, necklace = Selling\, price - Cost\, of\, materials$

STEP 3

Now, plug in the given values for the selling price and cost of materials to calculate the profit per necklace.
$Profit\, per\, necklace = \$5.00 - \$0.50$

STEP 4

Calculate the profit per necklace.
$Profit\, per\, necklace = \$.00 - \$0.50 = \$4.50$

STEP 5

Next, we need to find out how many necklaces Jun needs to sell to cover the vendor's fee. We can do this by dividing the vendor's fee by the profit per necklace.
$Number\, of\, necklaces = Vendor's\, fee / Profit\, per\, necklace$

STEP 6

Plug in the values for the vendor's fee and the profit per necklace to calculate the number of necklaces.
$Number\, of\, necklaces = \$95.00 / \$4.50$

STEP 7

Calculate the number of necklaces.
$Number\, of\, necklaces = \$95.00 / \$4.50 \approx21.11$

STEP 8

Since Jun can't sell a fraction of a necklace, we need to round up to the next whole number. This is because he needs to sell more than the calculated number to make a profit.
$Number\, of\, necklaces =22$ So, the minimum number of necklaces Jun needs to sell in order to make more than he spends to prepare for and attend the event is22.

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