1. Number of Meals Sold and Prices Charged:

• Based on market research, we anticipate selling approximately 1,000 monthly meals at full capacity.
• Prices will be determined by the equilibrium point where demand equals supply in the market. We estimate the price to be $15 per meal.

2. Price Elasticity of Demand (PED) and Addressing It:

• Price elasticity of demand measures the responsiveness of quantity demanded to changes in price. In a competitive market like ours, PEDs tend to be elastic.
• To address price elasticity, we will focus on quality, service, and unique offerings to differentiate our restaurant from competitors. Additionally, implementing loyalty programs and promotional offers can help mitigate the impact of elastic demand.

3. Total Revenue:

• Total revenue is calculated by multiplying the price per meal by the quantity sold. With an estimated $15 per meal and 1,000 meals sold monthly, our total revenue projection is $15,000 per month.

7. Total Cost and Unit Cost (Average Total Cost):

• Total cost is the sum of fixed and variable costs. By accurately tracking expenses, we project our total monthly cost to be $10,000.
• Unit cost (average total cost) is calculated by dividing total cost by the number of units produced. In our case, the unit cost is $10 per meal.

Need charts, graphs and tables based on the information above and also some graphs and charts from the restaurant business in Buffalo, NY

Chart 1: Demand and Supply Curve Analysis - This chart illustrates the equilibrium price and quantity sold for Buffalo Bistro, based on market demand and supply.

Table 1: Cost Breakdown - A detailed breakdown of fixed costs, variable costs, and marginal costs involved in operating the restaurant.

Graph 1: Total Revenue and Total Cost Trend Analysis - This graph depicts the trend of total revenue and total cost over time, providing insights into the financial performance of restaurant.

Graph 2: Average Total Cost and Marginal Cost Analysis Over Time - This graph shows the relationship between average total cost and marginal cost as production levels change, aiding in cost management decisions