Elliott was a professional classical guitar player until his motorcycle accident that left him disabled.After long months of therapy,he hired an experienced luthier (maker of stringed instruments) and started a small shop to make and sell Spanish guitars.The guitars sell for $1,000 and the fixed monthly operating costs are as follows:
Elliott's accountant told him about contribution margin ratios and he understood clearly that for every dollar of sales,$0.90 went to cover his fixed costs,and that anything past that point was pure profit.
Elliott wishes to earn $5,500 of operating profit each month.Calculate the amount of sales revenue required to achieve the target profit.
Definitions:
Rate-Limiting
Describes the slowest step in a chemical reaction pathway or process, which determines the overall reaction rate.
Exothermic
A chemical reaction that releases energy by light or heat.
Rate Equation
An expression that describes how the rate of a chemical reaction depends on the concentration of the reactants.
Reaction Rate
The speed at which reactants are converted into products in a chemical reaction, typically measured in moles per liter per second.
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