The press discovers that you are using child labor in a foreign country to produce your socks. You have to do something! But what? Who will make your socks?
To help you decide, we will use the various what if features of Excel.
In your socks assignment, create 5 scenarios, in which your hourly pay rate and the socks per hour change:
1) the current "child labor" scenario ($0.25 per hour, 4 socks per hour)
2) "GM employees " ($63,6)
3) "Weedheads" ($5,1)
4) "McDonalds employees" ($8,8)
5) "Philippinos" ($3,30)
We need mroe information on what labor costs we can sustain. Please use goal seel to produce a $ 300,000 profit by changing the $ per hour we pay for our labor; then set that back to $.025, and change the socks per hour that get produced. How many socks per week do we need the foreign children to produce, to give us the $ 300,000 profit that we selected?
Use the third what if option in your socks spreadsheet - data table.
Prepare a data table showing the profit you will have if the socks per hour (the column variable) is 4, 2, 1, or 0.5; and the pay per hour (the row variable) is $0.25, $5, $30, and $63
To help you decide, we will use the various what if features of Excel.
In your socks assignment, create 5 scenarios, in which your hourly pay rate and the socks per hour change:
1) the current "child labor" scenario ($0.25 per hour, 4 socks per hour)
2) "GM employees " ($63,6)
3) "Weedheads" ($5,1)
4) "McDonalds employees" ($8,8)
5) "Philippinos" ($3,30)
We need mroe information on what labor costs we can sustain. Please use goal seel to produce a $ 300,000 profit by changing the $ per hour we pay for our labor; then set that back to $.025, and change the socks per hour that get produced. How many socks per week do we need the foreign children to produce, to give us the $ 300,000 profit that we selected?
Use the third what if option in your socks spreadsheet - data table.
Prepare a data table showing the profit you will have if the socks per hour (the column variable) is 4, 2, 1, or 0.5; and the pay per hour (the row variable) is $0.25, $5, $30, and $63