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Children’s Zoo Tour Service

Children’s Zoo Tour Service. By, Thais Santos, Phoebe Cohen, Lucie Thorpe, Chris Lano. Leading Information. We operate a Zoo Tour Service Rates: $200.00 per person (50 people min.) For each additional person (after 50 people) rate is reduced by $2.00 per person. (Max 80 people)

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Children’s Zoo Tour Service

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  1. Children’s Zoo Tour Service By, Thais Santos, Phoebe Cohen, Lucie Thorpe, Chris Lano

  2. Leading Information • We operate a Zoo Tour Service • Rates: $200.00 per person (50 people min.) • For each additional person (after 50 people) rate is reduced by $2.00 per person. (Max 80 people) • Cost: $6,000.00 (Plus $32.00 per person) for us to pay for the tour bus

  3. THE PROBLEM! HOW MANY PEOPLE SHOULD BE ON OUR TOUR TO MAXIMIZE OUR PROFIT?

  4. Step One: • Figure out the variables of each part of the equation. • Make ‘X’ equal the number of additional people. 50 + x = Number of people. 200 – 2x = The amount of revenue we would make.

  5. Examples: • X = 1 [number of people is 51, each person pays $198) • 50 + 1 = 51 • 200 – 2(1) = $198 • X = 2 [number of people is 52, each person pays $196] • 50 + 2 = 52 • 200 – 2(2) = $196

  6. Step Two: • Calculate the revenue equation • FOIL the two equations • (50 + x) (200 – 2x) • 10,000 – 100x + 200x -2x2 • 10,000 +100x – 2x2 • -2x2 + 100x + 10,000

  7. Step Three: • Figure out the equation for the cost to pay for the bus ($6000 + 32 per person) • X = number of additional people • Cost Equation = $6000 +32 (50 + x) = 6000 + 1600 + 32x • Subtract the cost equation from the revenue equation • (-2x2 + 100x + 10,000) – (7600 + 32x) • -2x2+ 68x +2,400

  8. Step Four: • To find the maximum profit (the biggest amount of money you can make), find the vertex of the equation • The coefficient in the x2 is negative, so you know that the graph will be a frowny-face! • Vertex = -b/2a • -68/-4 = 17 • VERTEX = 17 • 17 + 50 = 67

  9. YOU DID IT! 67 PEOPLE WILL MAXIMIZE YOUR PROFIT!!!

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