In my business, S jewelers, I will sell grade "A" bracelets and necklaces. We find the finest jewelry to bring to you.
Business plan: restrictions
I have $10,000To start my business. The only restriction that I have is that I can not spend more than 3/4's of it on the production of one of the products.
Restrictions: System of Inequalities.
Business Plan: costs & selling prices
Bracelets cost $30 for me to produce and I sell them for $50
Necklaces cost $50 for me to produce and I sell them for $100
My profits will be the money made at my selling price minus the costs.
x=# of bracelets ; y = # of necklaces
Cost = $30x + $5oy
Sell = $50x + $100y
Profit = sell – cost
P = (50x + 100y) – (30x + 50y)
(80,150) P = 50 (80) + 100(150) = 19000
(250,50) P = 50(250) + 100(50) = 1750
(0, 0) P = 50 (0) + 100(0) = $0
I will maximize my profits, following the restriction that I can not spend 3/4's of my money on the production of one product, if I produce 80 bracelets and 150 necklaces.