One challenge we face on a daily basis in business is calculating decision-making information when we only know part of the information. We may need to know how much we need to determine how changes in our sales will affect our bottom line. If we know our Fixed Costs (FC), our Variable Costs per unit (VCu), our Price per unit (P), and the number of Units (U) sold, then we can use a mathematical equation to determine our Net Income (NI). In this case the formula is:
NI = [U * (P-VCu)] – FC
Find another problem we may need to solve in business and the mathematical formula that represents the solution that a classmate has not already used. What is the formula and what are the variables? How does the use of the formula improve management of a business?
Which functions in Excel could be used when calculating an answer using the formula?
What is an independent variable? What is a dependent? What is the relationship between independent and dependent variables? What is the purpose of differentiating these terms? Please provide an example of each type of variable.
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