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Exam-style questions: Short answer and data response 1 Ikram is a hairdresser. His revenue was 10 per cent higher this year than last year. He earned revenue of [tex]$50000 last year. He charged an average of $[/tex]5 for each customer last year and has not increased prices. He buys in materials such as shampoo and hairspray and has calculated that the cost is an average of [tex]$2 for each customer. He estimates that his overhead expenses are $[/tex]10000 this year. a Define 'revenue '. b Calculate Ikram's revenue this year. Show your working. c Identify four costs likely to be included in Ikram's annual overhead expenses. d Calculate Ikram's net profit this year (using your result from b). Show your working. e Ikram thinks that his net profit next year will be higher if he increases average prices to $6 per customer. Do you agree? Justify your answer. 2 [2] [2] [4] [6] Defi [6] The
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