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# Lesson 2 Costs And Profit

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### Lesson 2 Costs And Profit

1. 1. Costs and Profit Year 7 Modelling
2. 2. Starter • A sweet shop buys the following: – 12 cans of pop for 20 p each – 10 pack of crisps for 15p each • How much money did the cans of pop COST ? • How much did the crisps COST ?
3. 3. WALTs • Understand models and simulations • Add formulae to a spreadsheet to work out costs and profit
4. 4. WILFs • All students are able to: find cells on a spreadsheet using cell references and format these cells • Even better if: you use a formula to work out Sukis costs • Exceptional if: you use cell references to create a formulae to work out Sukis profit
5. 5. What are costs? • Costs are how much money Suki spends on buying the products she sells • If Suki buys 12 pairs of elbow pads for £8 each her costs are: 12 x £8 = £96 The number of items How much she paid she bought for each item
6. 6. Task 1: 10 – 15 mins • Download and work out Sukis costs in Lesson 2 Resource 1 • The table is on the tab called Sukis profit
7. 7. What is profit? • Suki bought 12 pairs elbow pads for £8 each. The cost for these pads was £96 • Suki sells 12 pads for £15 and receives a revenue of £180 • Profit is the money Suki makes for selling her goods. To work out profit: Revenue – Costs £180 - £96 = £84 Sukis revenue for Sukis cost for buying selling the pads the pads
8. 8. Task 2: 10 – 15 mins • Work out Sukis profit for each item • Work out Sukis total profit