Suppose that I plan to buy chocolate chip cookies from a bakery and bring them to the
Suppose that I plan to buy chocolate chip cookies from a bakery and bring them to the next class to sell. Each cookie costs 75 cents to purchase. I plan to sell them for a dollar each.
1. Individually estimate how many I should purchase in order to maximize profit. Briefly explain your logic.
2. Working in groups, discuss your forecasts. What does your group suggest the purchased quantity should be? How did you arrive at a consensus?
3. What factors would cause you to change your forecast? (For example, does the day of the week, time of the class, or season of the year affect the forecast?)
4. Would your forecast differ if the selling price changed? How?
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