NI = [U*(P-VCu)]-FC
U: Units sold,
VCu: variable costs per unit,
P: price per unit,
FC: fixed costs
NI is the dependent variable, and the rest of are independent variables.
For this formula, what is the order in which you need to do the calculation? Why does it matter?
Now think of your daily job or any business you are interested in. Could you find a problem that a classmate has not already used and you may need to solve in the business? What is the formula to solve the problem? What are the dependent and independent variables? How does your formula help you quantify the relationships between dependent and independent variables?