How Much More Does It Cost?

We are always trying to connect the math we teach in class with the real world.  I discovered an article that gave me an idea for  my Algebra I class when we start discussing percentages and percentage increases.

Imagine having students find the per pound cost of an expensive steak at their local store and then compare it with a pound of  Wagyu Beef that goes for around $1300 per pound.  That works out to almost a 200 percent difference.

Have them check out the cost of regular mushrooms versus the cost of one pound of Matsutake mushrooms that go for about $1000 per pound.  You can have students read about these mushrooms to find out why the cost is so expensive and  why its not likely to go down.

Then there are the Coffin Bay Oysters produced by the Coffin Bay Oyster Farm who charge $100 per oyster.  This is quite a bit more than the going price of $45 per dozen.  So if they compare the cost of one Coffin Bay Oyster with the cost of one oyster, they will see it again is a huge difference.

They could also compare a regular melon with the Yubarki King Melon which is only sold by auction due to its rarity and it has sold for between $6000 and $23,000 per melon. Imagine comparing that with the regular cost of a three pound cantaloupe.

Most items listed in the article can be compared to something people buy in the supermarket so that makes a really good homework assignment by having students go find the prices for similar items.  Once they have this information, they can reread the article to find the prices these luxury items sell for.

This data is perfect for a spread sheet because students can input all prices, then add the formula needed to calculate percent differences in the prices of the items,  or even add the formula to calculate the price increase between the usual price and the the luxury item goes for.  The information can then organized in some sort of graphical form.

If you want to add a bit more of a real world connection, explain these items are added to certain dishes to create more expensive versions that can go for a lot more. If you were a restaurant making a luxury version of an omelet, how much would the cost be of the materials such as the white truffle, caviar, mushrooms and moose cheese.  Add in the cost of coffee using the most expensive coffee beans and a piece of melon.  What do the raw ingredients cost and how much of a mark-up do you think should be put on it to arrive at a final price.  For these types of dishes, there will be a 300 to 500 percent markup because many of these items are increasing in cost.

They could also figure out the cost of dinner with a 4 ounce steak served with potatoes, a salad with balsamic vinegar, moose cheese, a bowl of red bird's nest soup,  a cup of coffee, and a piece of fruit either melon or watermelon.  Perhaps they should look at a dinner with fish instead.

Let them see how many different meals they could come up with, the cost of making the meal, and how much they could sell the meal for.  At the end, write a concluding statement noting the differences with mathematical details such as the percent difference between a regular dinner with steak, salad, soup, coffee and dessert vs the cost of a meal made with these expensive items.  They may not believe it but there are people out there who would pay for these meals.  Let me know what you think, I'd love to hear.  Have a great day.