Determine the cost and profit of product, Business Management

Assignment Help:

You have decided to sell some goods at a local music festival. You have hired a sales stand for $500. Your cost per item is $3 and you will sell each item for $5. When you did your initial calculations, you expect to sell 300 items and have purchased 500 just to be sure. You can return any un-sold items to the supplier and get your $3 back.

(a) What benefits do you expect?

(b) What costs did you expect?

(c) Suppose that due to rain the prospects look bad and you now only expect to sell 200 items. At this point you have already paid the $500 for the stand, but you can decide not to sell if you want. Would you prefer to not sell now?

(d) What other costs might you have that have not been expressed here? Would they perhaps change your answer to (c)?


Related Discussions:- Determine the cost and profit of product

What do you understand by the concept intercultural myths, QUESTION 1 (...

QUESTION 1 (a) What are the three main types of communication processes that have emerged from research and study in the field of human communication? (b) What are the key c

What is email?, QUESTION With the popularity of the Internet and its gl...

QUESTION With the popularity of the Internet and its global acceptance as a business tool, the company is thinking firmly of providing email addresses and internet access to al

Managerail economics, Using the case study approach,discuss the significanc...

Using the case study approach,discuss the significance of managerial economics in regard to business strategies employed by business entities currently operating in the global econ

Explain the importance of analyzing the personality, Question 1: Explai...

Question 1: Explain the importance of analyzing the personality of an individual in enhancing organizational performance. Question 2: Define organizational culture and

Sources of manpower recruitment by outside the company, Define the sources ...

Define the sources of manpower recruitment from outside the company. Sources of manpower recruitment by outside the company: • Friends and relatives of current workers duly

Explain the basel ii framework and its three pillars, Question 1 In today'...

Question 1 In today's changing world, every bank must identify risks and manage them effectively to maintain cash flow and profitability of banks. They need to follow a suitable r

#title., What kinds of problems can emerge if a firm doesn’t communicate wi...

What kinds of problems can emerge if a firm doesn’t communicate with environmentalists, the news media, and the local community? Why? Do you know of any firms that aren’t responsiv

Describe the basic control process, QUESTION 1 Explain how the nature o...

QUESTION 1 Explain how the nature of a management job creates the possibility for ethical abuses. Identify common kinds of workplace behaviour and support your answer with exam

Business plan, We will make our business plan by considering all aspects of...

We will make our business plan by considering all aspects of business, from finance to entrepreneurial abilities, from human resource management to production and from marketing to

Build a simulation model using the distributions, If the waiting time cost ...

If the waiting time cost per hour for a FAST truck is $100 and the waiting time cost per hour for a non-FAST truck is $40. Build the following ARENA models to help you decide which

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd