Homework SourseWhat is the optimum price to charge for dinners Explain What
What is the optimum price to charge for dinners? Explain
What would be the monthly sales potential if you were to charge $8 for dinners?
How many dinners an hour (dinners sold over 6 hr period each day, open 30 days a month) would you need to serve to meet the monthly sales potnetial. Show calculations. Does this seem reasonable with a market tarket of 6,000?
| Fraction that will buy | Price | Frequency (average for sample) | Total Demand | Revenue per month | ||
| Price 1 | 0.25 | $6 | 2.00 | 3,000 | $18,000 | |
| Price 2 | 0.24 | $8 | 1.75 | 2,520 | $20,160 | |
| Price 3 | 0.15 | $10 | 0.50 | 450 | $4,500 | |
| Price 4 | 0.1 | $12 | 0.20 | 120 | $1,440 | |
Solution
What is the optimum price to charge for dinners? Explain
What would be the monthly sales potential if you were to charge $8 for dinners?
ANS-
| Fraction that will buy | Price | Frequency (average for sample) | Total Demand | Revenue per month |
