Plz answer asap!!! need help with this for HW!!!

Question

a carnival owner pays the owner of an animal exhibit $650 for the entire time the exhibit is displayed. The owner of the exhibit has no other expenses except for a daily insurance cost. If the owner of the animal exhibit wants to make more than $500 in profits for the 5 1/2 days, what is the greatest daily insurance rate he can afford to pay?

Answer 1

This problem makes use of the formula: Revenue - Cost = Profit

 

The revenue is the amount paid to the owner of the animal exhibit, which is 650 dollars.

 

The cost is the amount of money the animal exhibit owner pays in expenses. The problem states that the only expense incurred by the owner of the animal exhibit is a daily insurance cost. We don't know what that cost is, so we will represent it with the variable x. The time frame is 5 1/2 days. We can convert the mixed number 5 1/2 to 11/2. Therefore, the total expense for insurance for the 5 1/2 days is 11/2 x.

 

The animal exhibit owner want to make more than $500 in profit. We can now set up an inequality based on the formula listed above involving revenue, cost, and profit.

 

650 - 11/2 x > 500

 

You can now solve this inequality to determine the greatest daily insurance rate.