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Problem based on pricing products-services from marketing

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Assignment:

Based on Pricing Products and Services from Marketing, solve these problems and MOST IMPORTANTLY, SHOW YOUR WORK!!!!

Problem 1 : Shaun is an artist who sells his paintings for $200 each. The cost of the materials (brushes, canvas, paint, etc.) that go into each painting is $20. Shaun has a monthly rent for his art studio of $750.

Question: If Shaun sells 10 paintings in a given month, what is his profit?

Problem 2 : Joy owns a cake shop. She sells her cakes for $40 each. The cost of ingredients for each cake is $5. Packaging to hold and display each cake costs $15 for a package of 30 containers. Joy pays $1000 a month in rent for her shop.

Question: How much profit would Joy make if she sells 60 cakes per month?

Problem 3 : Heather is opening up a franchise selling ice cream. She is trying to determine how much to charge for each ice cream cone. Based on benchmarking data from her competition and franchise information, she anticipates that she will sell 500 ice cream cones a week. Her monthly costs include rent at $600, employee salaries of $3,500 a month, and additional overhead of $350 a month. Finally, it costs $.60 to make each ice cream.

Question: Based on this information, what price does Heather need to set for an ice cream cone in order to break-even?

Reference no: EM133649167

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