Please do not do multiple posts of a problem.jacy said:An 8 lbs. roast beef cost $2.79/lb. The edible portion is 65%. What is the actual price of the roast.?
This is what i did
1lb cost $2.79, so 8lbs cost $22.32. Am i correct, this will be the actual price right. What do i need to do with 65%. Please help.
Astronuc said:Please do not do multiple posts of a problem.
andrewchang said:find the cost that you paid for the roast beef, and find how much of that 8lb roast beef was edible.
The purpose of this study is to accurately determine the cost of producing an 8 lb. roast beef with a 65% edible portion, in order to inform consumers and producers about the true cost of this product.
The cost of production is calculated by considering the cost of all inputs, such as labor, materials, and overhead, that are required to produce an 8 lb. roast beef with a 65% edible portion. These costs are then divided by the number of roast beefs produced, in order to determine the cost per unit.
The cost of production can be affected by a variety of factors, including the cost of ingredients, labor wages, equipment and facility costs, and any other overhead expenses. These factors can vary depending on location, season, and other external factors.
The edible portion of the roast beef, which refers to the amount of the roast beef that is safe and suitable for consumption, can have a significant impact on its overall cost. A lower edible portion means that more waste is produced, which can increase the cost of production.
Knowing the true cost of an 8 lb. roast beef with 65% edible portion can have implications for both consumers and producers. Consumers can make more informed purchasing decisions, while producers can better understand their production costs and make adjustments to improve efficiency and profitability.