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If you know your earnings, and you know how much you've spent, how do you calculate your profit? That's right - you hire an accountant. (Or, if you...
Math 5: Multiplying for Profit 8 Views
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Description:
Multiplying fractions can actually be quite useful in real life. Unfortunately, that doesn't mean you can multiply fractions of pizza to make them bigger.
Transcript
- 00:05
[Dino and Coop singing]
- 00:13
So you know how to multiply fractions... well done. But you're probably
- 00:17
wondering, "How is that ever going to help me in life? Also, is it almost lunchtime?" [Confused by with math problems flying around]
- 00:22
Well good news bad news the good news is if you ever plan to start a business
- 00:26
multiplying fractions will definitely come in handy the bad news is it's
Full Transcript
- 00:30
definitely not lunch time, them's the breaks kid. let's say Paul Pogo of Pogo's Pogo
- 00:35
sticks is thinking about this year's profits and yeah that's his name, poor [Paul jumping on a pogo stick]
- 00:39
guy never stood a chance in the trampoline business. Last year's profits
- 00:42
were two hundred thousand dollars and he's hoping to increase them by one
- 00:46
quarter this year. So how much profit will the company need to generate this
- 00:50
year to reach that target? And sure, a more urgent question might be whether or not
- 00:55
it's safe for Paul to enforce his everyone must use pogo sticks in the office at
- 00:59
all time policy.. but we'll leave that problem to human resources. Since we're [Workers jumping on pogo sticks fall over]
- 01:03
trying to figure out how to increase profit by one quarter let's first figure
- 01:07
out what one quarter of two hundred thousand dollars is. To do this we multiply
- 01:11
two hundred thousand by well.. one quarter but plot twist two hundred thousand isn't
- 01:16
a fraction does that mean Paul should just give up his business and start
- 01:19
selling frozen turkeys at the circus? Is that really Paul's backup career? Let's [Paul in a circus costume with a table of frozen turkeys]
- 01:23
make sure that doesn't happen, if we put a denominator of one underneath 200,000
- 01:28
then boom we've got ourselves a fraction and now what we've got is a couple of
- 01:32
fractions on our hands. We can go on fraction multiplying autopilot 200,000 [Boy holding fractions in his hands]
- 01:37
times one is two hundred thousand giving us a numerator of 200,000 and 1
- 01:41
times 4 is 4 giving us a denominator of 4, 4 happens to be a common
- 01:46
factor in both the numerator and the denominator and once we divide it out we
- 01:50
get 50,000 over one otherwise known as 50,000 does that mean we're done then
- 01:55
not quite, see Paul might not know everything about fractions but as a guy
- 02:00
in the pogo stick business he knows about things that go up and down and if [Child playing on a bungee jump]
- 02:04
his profits go from two hundred thousand dollars last year to 50 thousand dollars
- 02:07
this year that's not up that's way down and you don't need 20
- 02:11
years of experience making pogo sticks to see that. So what gives? Well remember
- 02:16
we weren't just trying to figure out what a quarter of 200,000 [Quarter coin spinning on a table]
- 02:19
dollars happens to be we were trying to figure out how much profit the company
- 02:23
will need to generate this year if it wants to make one quarter more than it
- 02:26
made last year, so that calls for some addition we just add $50,000
- 02:30
to $200,000 and there's our answer $250,000. Now all
- 02:35
Paul needs to do is go out there and make that money, we're sure he'll be [Paul jumps away on his pogo stick]
- 02:38
fine who doesn't love a good pogo stick hm, come to think of it maybe the guy at
- 02:43
Paul's office who needs to change the water dispenser.. [Office worker on pogo stick crashes into water dispenser]
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