Shawn Paris builds alarm clocks by hand. He pays $900 for 50 board feet of wood for the cases. Each clock requires 3 board feet of wood to build. The clockworks are purchased at $9 each. Other materials cost $15 per clock. Shawn pays $300 rent and $140 in utilities per month. Shawn produces and sells 10 clocks per month at a price of $450 each.
a. What is the average cost of a clock?
b. How much profit does Shawn earn on each clock?
c. What is his normal profit per month?
8.Dinah Malek manufactures woven reed baskets by hand on a street corner in downtown Alexandria, Egypt not far from the Mediterranean Sea. Dried reeds cost $90 per bushel which is enough to make 60 baskets of varying sizes and shapes. Dye, to give the baskets their colorful eye-appeal, and other materials cost an average of $80 per month. While Dinah works on the street corner (to attract tourists), she actually has a small shop located just down a side street where employees make most of the baskets. She pays rent of $250 per month while utilities cost another $50 monthly. Labor costs typically run about $10 per basket.
During an average month, Dinah's operation produces and sells 200 baskets.
a.What is the average cost to produce a basket?
b.Assuming an average sale price of $50 per basket, how much profit does Dinah earn on each one?
c.On the average, what is Dinah's monthly profit?
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