Identify and Define the Problem

[planterspeanut]

Homework Statement

State the problem. Write the issue, and identify any relevant conditions that effect the situation.

How much should we charge in order to sell 2300 burgers each month at each location?
What do you think the situation is (state the problem)?
What do we have?
Is there any information missing that we need to find in order to be able to solve?

Homework Equations

Below is a research done throughout our market.

Research-Market Test on Unit Price

Sale Price Average Units sold per location
2.49 3062
2.59 2835
2.75 2498
2.99 2078
3.49 1055

The Attempt at a Solution

I'll be honest; my wife and I recently had our first baby; therefore, I have missed a couple weeks of class. My Professor went over a lot of these types of questions in class; however, he is about 2 months behind on posting the notes from class and has been impossible to reach. That being said, here is what I have come up with so far... Am I on the right track at all?

"We are being asked to estimate the Sale Price (x) for each individual burger (n), in order to ensure that each location sells a minimum of 2300 units per month. In order to determine the best possible price, I would like to have a manufacturing cost (c) for each unit."

 

[Mark44]

Homework Statement

State the problem. Write the issue, and identify any relevant conditions that effect the situation.

How much should we charge in order to sell 2300 burgers each month at each location?
What do you think the situation is (state the problem)?
What do we have?
Is there any information missing that we need to find in order to be able to solve?

Homework Equations

Below is a research done throughout our market.

Research-Market Test on Unit Price

Sale Price Average Units sold per location
2.49 3062
2.59 2835
2.75 2498
2.99 2078
3.49 1055

The Attempt at a Solution

I'll be honest; my wife and I recently had our first baby; therefore, I have missed a couple weeks of class. My Professor went over a lot of these types of questions in class; however, he is about 2 months behind on posting the notes from class and has been impossible to reach. That being said, here is what I have come up with so far... Am I on the right track at all?

"We are being asked to estimate the Sale Price (x) for each individual Trio (n), in order to ensure that each location sells a minimum of 2300 units per month. In order to determine the best possible price, I would like to have a manufacturing cost (c) for each unit."

Have you thought about graphing the data?

 

[planterspeanut]

Have you thought about graphing the data?

I have, but my Professor does not want us to solve the problem, he only wants us to explain the situation at hand. Basically, what he wants is, "Here's what I know"; "Here's what I need to know" and "If there is any information missing that we need in order to solve."

 

[Mark44]

Homework Statement

State the problem. Write the issue, and identify any relevant conditions that effect the situation.

How much should we charge in order to sell 2300 burgers each month at each location?
What do you think the situation is (state the problem)?
What do we have?
Is there any information missing that we need to find in order to be able to solve?

Homework Equations

Below is a research done throughout our market.

Research-Market Test on Unit Price

Sale Price Average Units sold per location
2.49 3062
2.59 2835
2.75 2498
2.99 2078
3.49 1055

The Attempt at a Solution

"We are being asked to estimate the Sale Price (x) for each individual burger (n), in order to ensure that each location sells a minimum of 2300 units per month.

That's pretty much a paraphrase of the question you gave in the problem statement.

In order to determine the best possible price, I would like to have a manufacturing cost (c) for each unit."

IMO, the "best possible price" isn't being asked for, just the per-hamburger price that will yield sales of 2300 hamburgers per month.

Is there any information that isn't given that would prevent you from answered the question that is posed?

 

[planterspeanut]

That's pretty much a paraphrase of the question you gave in the problem statement.
IMO, the "best possible price" isn't being asked for, just the per-hamburger price that will yield sales of 2300 hamburgers per month.

Is there any information that isn't given that would prevent you from answered the question that is posed?

If he wants us to define the problem, how am I suppose to do that without paraphrasing?

I guess you're right, the best possible price isn't stated; therefore, it's not necessary.

There is not any information I have left out. The Professor wasn't very informative at all in class so I'm completely lost.

All he said was, "define what Step 1 would be to you solving this problem".

Thank you for helping me

 

[Mark44]

No, I didn't mean any information that you left out. I meant, was there any information that wasn't given to you?

You know what the question is - what would you do to answer that question?

 

[planterspeanut]

No, I didn't mean any information that you left out. I meant, was there any information that wasn't given to you?

You know what the question is - what would you do to answer that question?

The day he gave us the problem he didn't give us any clues to how to solve it. However, he may of covered the information in the prior week-2 weeks that I missed. I have been trying to get in touch with him, but he's been unresponsive. This is due in about 6 hours and he's already said he won't except anything after the deadline. So I'm basically lost at this point...

I know I need to try and find some kind of correlation between the units vs. price, but I'm honestly at a loss of how to tackle this. I know I should know this, but going through such an exciting time and being away from school for a while has made me forget a lot.

 

[Mark44]

The data in post #1 pretty much lie on a line. If you graph the data, which was my first suggestion, you can get a reasonably good estimate for the unit price that generates sales of 2300 hamburgers.