In my business, Groovy Ukuleles, I will make and sell ukuleles. My 2 types of ukuleles will be laminate and solid wood.
Business Restrictions: I won't be able to produce more than 20 solid wood ukuleles per month and no more than 35 laminate ukuleles per month. In my startup phase I can't spend more than $4000 and I cannot spend more than $7500 total on one product.
Business Plan: Costs and Selling prices- The solid wood ukulele will cost $110 to produce and the laminate ukulele will cost $50 to produce. I can sell the solid wood ukulele for $200 and the laminate ukulele for $100.
Restrictions: Systems of Inequalities: x=# of solid wood ukuleles y=# of laminate ukuleles
110x + 50y ≤ 4000
110x ≤ 7500
50y ≤ 7500
Business Plan: Profit- My profits will be the money made at my selling price minus the costs. x=# solid wood ukulele y=# laminate ukuleles
Sell= 200x + 100y
Profit= Sell - Cost
P= (200x+100y) - (110x + 50y) or P= 90x+50y
P= 90(20) + 50(35)
P= 90(20) + 50(0)
P= 90(0) + 50(35)
To maximize my profits I would need to make 20 solid wood ukuleles and 35 laminate ukuleles.