Here is a simple example. The inhabitants of a small island beginexporting beaut

ID: 2937056 • Letter: H

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Here is a simple example. The inhabitants of a small island beginexporting beautiful cloth made from a rare plant that grows only ontheir island. Seeing how popular the small quantity that theyexport has been, they steadily raise their prices. A clothing makerfrom New York, thinking that he can save money by "cutting out themiddleman," decides to travel to the small island and buy the clothhimself. Ignorant of the local custom of offering strangersoutrageous prices and then negotiating down, the clothing makeraccepts (much to everyone's surpise) the initial price of 400tepizes/m^2. The price of this cloth in New York is 120dollars/yard^2. Part A If the clothing maker bought 500 m ^2 of this fabric, how muchmoney did he lose? Use 1 tepiz = 0.625 dollar and 0.9144 m = 1 yard. Here is a simple example. The inhabitants of a small island beginexporting beautiful cloth made from a rare plant that grows only ontheir island. Seeing how popular the small quantity that theyexport has been, they steadily raise their prices. A clothing makerfrom New York, thinking that he can save money by "cutting out themiddleman," decides to travel to the small island and buy the clothhimself. Ignorant of the local custom of offering strangersoutrageous prices and then negotiating down, the clothing makeraccepts (much to everyone's surpise) the initial price of 400tepizes/m^2. The price of this cloth in New York is 120dollars/yard^2. Part A If the clothing maker bought 500 m ^2 of this fabric, how muchmoney did he lose? Use 1 tepiz = 0.625 dollar and 0.9144 m = 1 yard.

Explanation / Answer

1 tepiz = 0.625 dollar and 0.9144 m = 1 yard The man bought 500m2 for 400tepizes/m2 so the total cost = 500 * 400 tepizes = 200000 tepizes convert into dollar = 200000 * .625 = 125000 dollars The price in New York = 120 dollar/yd2 = 120 /(.9144m)2 = 143.52 / m2 for 500m2, total cost in New York = 500*143.52 =71759.40 125000 - 71759.40 = 53240.60 how much money did he lose? $53,240.60

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