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16 February, 15:05

Mamma Temte bakes six pies a day that cost $2 each to produce. On 15% of the days she sells only two pies. On 30% of the days, she sells 4 pies, and on the remaining 55% of the days, she sells all six pies. If Mama Temte sells her pies for $6 each, what is her expected profit for a day's worth of pies

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Answers (2)
  1. 16 February, 15:32
    0
    Given Information:

    Baking cost of each pie = $2

    No. of pies baked a day = 6

    Selling cost of each pie = $6

    No. of pies sold a day = 15% 2 pies, 30% 4 pies, 55% 6 pies

    Required Information:

    Expected profit = ?

    Answer:

    Expected profit = $16.8

    Step-by-step explanation:

    We know that expected profit is found by

    Expected profit = cost of pies sold - cost of pies produced

    So first we need to find the cost related to baking the pies

    cost of pies produced = cost of each each pie * no. of pies

    cost of pies produced = $2*6

    cost of pies produced = $12

    Now we need to find out how many pies she sold a day on average

    pies sold = 15% of 2 + 30% of 4 + 55% of 6

    pies sold = 0.15*2 + 0.30*4 + 0.55*6

    pies sold = 0.3 + 1.2 + 3.33

    pies sold = 4.8

    cost of pies sold = $6*4.8

    cost of pies sold = $28.8

    So the expected profit is

    Expected profit = cost of pies sold - cost of pies produced

    Expected profit = $28.8 - 12

    Expected profit = $16.8
  2. 16 February, 15:33
    0
    Her expected profit for a day's worth of pies is $24

    Step-by-step explanation:

    Number of pies she bakes a day = 6

    Cost to produce each pie = $2

    Total cost to produce 6 pies = 6 * $2 = $12

    Sales price for each pie = $6

    On 55% of the days, she sells all 6 pies. Total sales = 6 * $6 = $36

    Profit = total sales - total cost = $36 - $12 = $24
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