Real-Life Math
You have just invented the Snazoo. This new stuffed animal can be
twisted and reshaped to become 5 different animals found at the zoo. It also
comes complete with 5 different animal sound recordings that are activated
by pushing the stuffed animal's paw.
You've combed the store
shelves and haven't seen anything like your stuffed toy. Testing the
product with friends and relatives, you've received nothing but positive
reactions. Maybe now is the time to get into production.
"The amount
of math used depends on the type of invention being created," says inventor
Sandy Kahn. Someone inventing alternative fuel cells may need to use advanced
math, while someone creating a new fruit basket may use much less.
Khan
says that once inventors have gone through the creative process and come up
with a good design, they will need basic financial skills. "You need to figure
out how many products you will produce, how much it will cost for each one
and how much the packaging might cost. You need to come up with a mini-budget."
Before
you can begin production of the Snazoos, you need to know how much it will
cost.
Here are the costs per Snazoo:
Materials: $6
Packaging:
$2
Marketing and promotional material: $4
Shipping: $2
How
much will it cost you to produce the first 150 Snazoos? If you hope to earn
a profit of $7 from each Snazoo, how much will you have to charge customers
for each of the stuffed animals?