For this assignment, I figured out the Production Costs of the accessory I made in the previous assignment.

I added the cost of all of the materials I bought the make this choker necklace. I Multiplied the time it took to make the necklace by how much I would be paid if I worked at a retail shop then added it all together to get the Production Cost.

Next I multiplied the production by 20% for the amount of Profit I would get. Then I added that to the Production Cost. Then I decided on a Retail Price which I would sell it as.

Next, I searched online for materials for a lesser price the make the necklace with so I could have a higher profit for a lesser production cost with the same retail price.

From this, I learned how companies set their price so they can make a profit. I always wondered why some things were priced higher than others but its the work put in to it that decides the price and the retail price that your customers are willing to pay for your product.