Discuss how money, goods and services and factors of production flow between Jacob's Pet Shop, consumers who buy pet food and accessories from the business and the government.

Economics
Discuss how money, goods and services and factors of production flow between Jacob's Pet Shop, consumers who buy pet food and accessories from the business and the government.

ScanSolve AI Answer

Answer

R525

Step 1: Total small bags of dog food sold.

3+1+4+2+5=153 + 1 + 4 + 2 + 5 = 15

15 small bags sold.

Step 2: Sales revenue from small bags of dog food.

Revenue = number sold ×\times price per bag
=15×R10= 15 \times R10
=R150= R150

Step 3: Total large bags of dog food sold.

2+5+1+3+4=152 + 5 + 1 + 3 + 4 = 15

15 large bags sold.

Step 4: Sales revenue from large bags of dog food.

Revenue = 15×R2015 \times R20
=R300= R300

Step 5: Total bird accessories sold.

4+3+2+5+1=154 + 3 + 2 + 5 + 1 = 15

15 bird accessories sold.

Step 6: Sales revenue from bird accessories.

Revenue = 15×R515 \times R5
=R75= R75

Step 7: Total sales revenue for the week (gross sales).

Total sales = small + large + bird
=R150+R300+R75= R150 + R300 + R75

150+300+75=525150 + 300 + 75 = 525

Total gross sales for the week: R525

\text{R525}

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Quick Answer
  1. 3 + 1 + 4 + 2 + 5 = 15 15 small bags sold.
  2. Revenue = number sold × price per bag = 15 × R10 = R150 Step 3: Total large bags of dog food sold.
  3. 2 + 5 + 1 + 3 + 4 = 15 15 large bags sold.
  4. Revenue = 15 × R20 = R300 Step 5: Total bird accessories sold.
Discuss how money, goods and services and factors of production flow between Jacob's Pet Shop, consumers who buy pet food and accessories from the business and the government.
Economics

This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.

ScanSolve AI Answer
Step 1: Total small bags of dog food sold. 3 + 1 + 4 + 2 + 5 = 15 15 small bags sold. Step 2: Sales revenue from small bags of dog food. Revenue = number sold × price per bag = 15 × R10 = R150 Step 3: Total large bags of dog food sold. 2 + 5 + 1 + 3 + 4 = 15 15 large bags sold. Step 4: Sales revenue from large bags of dog food. Revenue = 15 × R20 = R300 Step 5: Total bird accessories sold. 4 + 3 + 2 + 5 + 1 = 15 15 bird accessories sold. Step 6: Sales revenue from bird accessories. Revenue = 15 × R5 = R75 Step 7: Total sales revenue for the week (gross sales). Total sales = small + large + bird = R150 + R300 + R75 150 + 300 + 75 = 525 Total gross sales for the week: R525 R525