MATH1075 - Identify Appropriate Techniques - Linear Equations - Communicating Mathematical - Calculations - Mathematics Assessment Answer

MATH1075 - Identify Appropriate Techniques - Linear Equations - Communicating Mathematical - Calculations -  Mathematics Assessment Answer

Assessment Task:

TASK DESCRIPTIONS
In this task you will be presented with a selection of problems, in business language, which you are required to model, identify the correct method of solution and then solve the problem. For each question, you are required to show the working out supporting your final answer to demonstrate your understanding and reasoning.

Part 2 of the assignment is structured to consolidate your understanding of Topics 3, 4 and 5 in the course, namely linear equations, break-even analysis and linear programming models in the business. Completion of this assignment will allow you to consolidate and demonstrate an understanding of mathematical and statistical knowledge in relation to business and management, in accordance with Course Objective CO1 and GQ1. You will analyze real-life problems within a mathematical and statistical context, identify appropriate techniques, generate and evaluation solutions, thereby developing your problem-solving skills and knowledge of key concepts in
mathematics and statistics (Course Objectives CO1 and CO2, GQ3). This assignment will also further develop your skills in communicating mathematical and statistical concepts and results, including expressing and interpreting equations, Excel output, and problems (Course Objective CO2 and GQ6).

CO1. understand the basis and role of quantitative information for decision making in business and management.
CO2. perform basic mathematical calculations and manipulations, apply descriptive statistical methods and interpret the results.
CO3. use Excel to carry out calculations and produce diagrams for decision making in business.

Assessment Problem Exercise 2: 
Richard Nickson is a bestselling author of nursery books wishes to publish his latest story book as a pack including an audiobook CD. Richard searched for audio-book production companies and publishers. Best Books Publishers’ production cost is estimated at $60,000. The printing costs are a fixed $8,500 for set up plus $8.50 per pack. The author’s royalty is 8% of the publisher’s price to bookstores. Advertising and promotion costs are budgeted at
$9,500. Based on financial feasibility analysis by Best Books Publishers, answer the following questions.
a) If the price to bookstores is set at $41.50 per pack, how many book packs must be sold to break even? Find the break-even point algebraically and by using an EXCEL graph. Attach the printout or copy your EXCEL graph into your assignment submission.

EXCEL Instructions: Create a column called Number of book packs and in that column enter values from 0 to 5,000 in increments of 100. Then create two more columns, one for Total Cost and another for Total Revenue. Enter appropriate formulae in EXCEL to obtain the total cost and total revenue corresponding to each value in the Number of Books column. Highlight the resulting three sets of numbers and go to the Insert tab (or Chart menu) to obtain an appropriate diagram.

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