Cost, Profit

Oct 2018
2
0
Milwaukee
Hi, did I do this correctly? If not, could someone please help me figure this out?
Your firm sells a product for 12.00 each and the cost of the product is 6.00 each. You sell 86,000 annually. What is the total annual cost of the product? What is the Annual Profit?

My answer,
Cost 172000 and Profit is 860000.
 
Last edited:
Feb 2015
2,255
510
Ottawa Ontario
NO!
Read the problem again, CAREFULLY...

If you buy a ball for 1.00 and sell it for 2.00, what is your profit?
 
Feb 2015
2,255
510
Ottawa Ontario
Yes...may we know what grade you're in? Makes it easier to help....
 
May 2019
7
2
USA
Interestingly my mum used to get us to do simple cost and profit problems orally. Nothing complicated and always something fun. She also used to get us to find the cost of something which had more that one part. It helped us understand costing in real life. Occasionally we put together weird things with Lego using our imagination for both objects and pricing. This problem brought back some fun times!
 
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Oct 2019
2
1
USA
Your mom is amazing) This is really interesting method for explaining math. I will use it for my child.
 
Apr 2018
182
38
Sukoharjo
Interestingly my mum used to get us to do simple cost and profit problems orally. Nothing complicated and always something fun. She also used to get us to find the cost of something which had more that one part. It helped us understand costing in real life. Occasionally we put together weird things with Lego using our imagination for both objects and pricing. This problem brought back some fun times!
Once I was tutoring a 7th grader who hasn't grasped the concept of simple addition yet. I asked him "You know money?" "Yes" "Then if how many is 500 IDR + 200 IDR?" "700" "That means, 5 + 2 equals...?" "7"
Yes, I had to resort to that sort of things.
 
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Oct 2019
2
1
USA
Interestingly my mum used to get us to do simple cost and profit problems orally. Nothing complicated and always something fun. She also used to get us to find the cost of something which had more that one part. It helped us understand costing in real life. Occasionally we put together weird things with Lego using our imagination for both objects and pricing. This problem brought back some fun times!
Such methods are really helpful.
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