Owning a Small Business

1
Owning a Small Business
2
Decide on a small business to own to help save
money to buy a car

• Answer the following in Corner 1
• What is your small business?
• Are you selling a service or a product? What is
  it?
• What is the unit?
• How much will you charge per unit for the service
  or product?

Create the 4-Corner Organizer
3
Remember Pay-As-You-Go Phone
Wireless Wally World Plan 2

• Wireless Wally World Plan 1

4
Graph and Find the equation for both Plans

• Wireless Wally World Plan 1
• Y.5x
• Wireless Wally World Plan 2
• Y.3x 5

Which cell phone plan is the better deal? Explain

• Plan 1 is better when the number of minutes (x)
  is less than 25
• x lt 25
• Plan 2 is better when the number of minutes (x)
  is greater than 25
• xgt 25

5
Expanding on the graphical solution of Plan 1
and Plan 2

• When
• .5x lt .3x 5 then Plan 1 is better
• When
• .3x 5 lt .5x then Plan 2 is better

6
What kind of plan would be better than Plan 1?
7
A better plan is when the cost (y) is less than
.5x ( ylt .5x)
(15, 5)
8
When will Plan 2 become better than Plan 1?
Plan 2
Plan 1
9
Determine your IncomeComplete the following on a
4- corner organizer

• Create a table Corner 3
• Create a graph Corner 4
• What is the independent variable? Corner 2
• What is the dependent variable? Corner 2
• Write an equation Corner 3

Create a 4-Corner Organizer
10
Owning your own businessExpenses

• Corner 1
• Name the top 3 expenses involved in setting up
  and maintaining the business.
• Identify which expenses are start up and which
  expenses are maintenance.
• Determine the costs of each of your expenses. You
  may use the internet for determining reasonable
  costs for the expenses.
• Determine the maintenance expenses by per unit

Create Another 4-Corner Organizer
11
For your business expensesComplete the following

• Create a table Corner 3
• Create a graph Corner 4
• What is the independent variable? Corner 2
• What is the dependent variable? Corner 2
• Write an equation Corner 3
• Reminder Use what you know about Linear equations

12
Directions for Graphing Calculator

• On the graphing calculator go STAT EDIT L1
• Enter the values for (x) in List 1 (L1) by typing
  the and then pressing ENTER
• Repeat to enter the values for (y) in List 2 (L2)
  
• Graph the points in List 1 and List 2 
• STAT PLOT
• ONGraph Scatter PlotX L1, Y L2Choose Mark
• Window Settings
• What is the smallest (x)? _________ (y)?
  _________
• What is the largest (x)? _________ (y)? _________
• What would be an appropriate scale for (x)?
  ______ (y)? ____
• Graph on calculator
• Sketch a graph below

13
Graph the function in Y1 on your graphing
calculator.

• STATCALC LinReg(axb)2nd -- L1-- , -- 2nd --
  L2 , -- VARSY-VARSFUNCTION -- ENTER--
  Y1ENTER
• GRAPH