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Profit and Income

Profit and Income

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Profit and Income

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  1. Profit and Income Please view this tutorial and answer the follow-up questions on loose leaf to turn in to your teacher.

  2. Basics • Income: the amount of money you earn by selling items • Profit: the money you keep after paying your expenses • Rule: • Profit = Income - Expenses

  3. Example FMLA is selling hand sanitizer as a fund raiser for their club. The materials to make the hand sanitizer costs them $120. They plan to sell the bottles for $2 each. Write a rule for the income and profit. First, we need to find our important information.

  4. Example FMLA is selling hand sanitizer as a fund raiser for their club. The materials to make the hand sanitizer costs them $120. They plan to sell the bottles for $2 each. Write a rule for the income and profit. costs them $120 The materials cost the $120. This is our expenses.

  5. Example FMLA is selling hand sanitizer as a fund raiser for their club. The materials to make the hand sanitizer costs them $120. They plan to sell the bottles for $2 each. Write a rule for the income and profit. sell the bottles for $2 each They are selling the bottles for $2 each.

  6. Example Important Info: Materials costs $120 Selling bottles for $2 each The things that change for this situation will be Income, Profit, and the number of bottles sold. The first thing we need to identify our variables.

  7. Example Important Info: Materials costs $120 Selling bottles for $2 each Since we’re solving for income, our equation will start out I = Income P = Profit B = Number of bottles sold I =

  8. Example Important Info: Materials costs $120 Selling bottles for $2 each How will the income change for every bottle sold? I = Income P = Profit B = Number of bottles sold I =

  9. Example Important Info: Materials costs $120 Selling bottles for $2 each The income will increase by $2 for each bottle sold, so we write… I = Income P = Profit B = Number of bottles sold I = I = 2B

  10. Example Important Info: Materials costs $120 Selling bottles for $2 each Now, can solve for the profit. Remember, the general rule for profit is Income - Expenses I = Income P = Profit B = Number of bottles sold

  11. Example Important Info: Materials costs $120 Selling bottles for $2 each I = Income P = Profit B = Number of bottles sold Profit P = Income 2B - Expenses 120

  12. Follow Up Questions Answer the following questions on loose leaf and hand them in to your teacher.

  13. Follow Up Questions Mr. Nelms bought a pack of 200 pencils for $5. He sells these pencils to kids that aren’t prepared for class for $.25 each. What are the expenses for this problem? Using n for the number of pencils and I for income, write a rule to model the income for this situation. Using n for the number of pencils and P for profit, write a rule model the profit for this situation.