Problem
1. Currently your inventory consists of 20 units of a discounted item that you are willing to unload at cost. You purchased 6 of the units for $12, 8 at $14 and 6 at $6. If a common sales price (the weighted average) is to be set for all 20 units, what price should be set in order to recover all of your costs
2. A student's marks for the six quizzes were 14/24, 21/27, 22/30, 14/26, 11/26, and 17/30 and mid-semester exam mark was 34/50. The best five out of the six marks contribute 20% to the final semester grade and the final exam contributes 55%. What percentage mark is required on the final exam for the student to:
a. pass?
b. obtain a grade of Credit?
c. if the student forgot to submit answers at quiz 3, what percentages would be needed in the final exam for a Pass and a Credit grade?