You sell homemade candles online for $50 each and you hire your family members to make the candles. It takes a family member 1 hour to produce a candle and you pay them $15 per hour. Production of each candle requires $10 worth of materials. You also have to pay Etsy $500 each month for the right to sell as many candles as you would like on their website. How many candles do you have to sell each month to break even? Enter your answer as a number below
You sell homemade candles online for $50 each and you hire your family members to make the candles. It takes a family member 1 hour to produce a candle and you pay them $15 per hour. Production of each candle requires $10 worth of materials. You also have to pay Etsy $500 each month for the right to sell as many candles as you would like on their website. How many candles do you have to sell each month to break even? Enter your answer as a number below
Chapter1: Introducing The Economic Way Of Thinking
Section: Chapter Questions
Problem 7SQ
Related questions
Question
You sell homemade candles online for $50 each and you hire your family members to make the candles. It takes a family member 1 hour to produce a candle and you pay them $15 per hour. Production of each candle requires $10 worth of materials. You also have to pay Etsy $500 each month for the right to sell as many candles as you would like on their website.
How many candles do you have to sell each month to break even? Enter your answer as a number below.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning