Here is a simple example. The inhabitants of a small island begin exporting beautiful cloth made from a rare plant that grows only on their island. Seeing how popular the small quantity that they export has been, they steadily raise their prices. A clothing maker from New York, thinking that he can save money by "cutting out the middleman," decides to travel to the small island and buy the cloth himself. Ignorant of the local custom of offering strangers outrageous prices and then negotiating down, the clothing maker accepts (much to everyone's surpise) the initial price of 400 tepizes/m2. The price of this cloth in New York is 120 dollars/yard2.If the clothing maker bought 500 m2 of this fabric, how much money did he lose? Use 1tepiz=0.625dollar and 0.9144m=1yard.

just submitted the answer...

to two sig figs it would be
53000 or 5.3x10^4

$53,240.60

To calculate how much money the clothing maker lost, we need to compare the price he paid for the cloth on the small island with the price of the cloth in New York.

First, let's convert the price of the cloth on the island to dollars. We know that 1 tepiz is equal to 0.625 dollars. The clothing maker paid 400 tepizes per m2, so the price in dollars per m2 can be calculated as follows:

Price on island = 400 tepizes/m2 * 0.625 dollars/tepiz = 250 dollars/m2

Next, we convert the price of the cloth in New York to dollars per m2. We know that 1 yard is equal to 0.9144 meters, and we're given that the price in New York is 120 dollars/yard2. We can convert this to dollars/m2 as follows:

Price in New York = 120 dollars/yard2 * 1 yard2 / 0.9144 m2 = 131.18 dollars/m2

Now, we can calculate the total cost for the clothing maker. He bought 500 m2 of fabric, so the total cost is:

Total cost = Price on island * Quantity = 250 dollars/m2 * 500 m2 = 125,000 dollars

To find out how much money the clothing maker lost, we need to compare the total cost on the island to the amount he would have paid in New York:

Loss = Total cost on island - Total cost in New York
Loss = 125,000 dollars - (131.18 dollars/m2 * 500 m2)
Loss = 125,000 dollars - 65,590 dollars
Loss = 59,410 dollars

Therefore, the clothing maker lost 59,410 dollars.

15,000

118 dollars

If the clothing maker bought 500 m 2 of this fabric, how much money did he lose? Use 1tepiz=0.625dollar and 0.9144m=1yard .

How much did he LOSE is the key question.

He spent 125000 on the cloth, but he can only sell it for $52493 in New York. That leaves him at about a $73000 loss