Task 2: Estimated income
The partners should estimate approximately how much revenue their restaurant will make during the first year. For this, they raise several hypotheses.
a
Use their hypotheses to predict income for the first year, excluding VAT.
b
Write a formula for profit P (the money left over after paying expenses), in terms of the other variables listed.
C
In one year: G = ALL 2,000,000; S = 4,000,000 ALL, C = 1,500,000 ALL. Find P, for the value of R found in requirement a.
As the revenue increases, they want to give the staff a raise.
d Write S as a function of the other variables, starting from the formula you wrote in prompt b. Find the new value of S for R = 20000000 ALL and G = 3000000 ALL. Keep the values ​​of C and P unchanged from those in requirement c.
We have also and
(Lek is Albanian currency)
Pilot survey results (15 men, 15 women)
M24, 1650 lek
F20,1150 lek
F22, 1250 lek
N37,1800 lek
M62,1650 lek M42, 1600 lek
F47, 1800 lek
M47, 1750 lek
M31, 1100 lek
F19,800 lek
F52,1600 lek
M58,2000 lek
M66,1250 lek
F38,1750 lek
M26,1200 lek
M39,1750 lek
M40,1500lek
F18,1000 lek
F23,1050 lek
M20,1500 lek
M21,1050 lek
F35,1600 lek
F32,1400 lek
58,2000 lek
F21,500 lek
F61,1850 lek
F28,1000 lek
M23,1350 lek
M51,1350 lek
F44,1700 lek
(The , in the numbers doesn’t represent they are decimal numbers)
Legend: Gender (M/F)
Age (in years)
The amount they are willing to pay
The price of a meal includes value added tax (VAT), which is 20% of it.
hypotheses
The average amount paid for a lunch is equal to the average amount that the people who were surveyed are willing to pay.
The restaurant will be open 364 days a year.
The average number of lunches sold in a day will be 25.
Variables
G = cost of food purchased from the restaurant
S = salary expenses
C = other expenses
R = income
P = profit