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Indigo Split sells ice cream cones in a variety of flavours. The following are data for a recent week: Revenue (1,000 cones at $1.62 each)
Indigo Split sells ice cream cones in a variety of flavours. The following are data for a recent week: Revenue (1,000 cones at $1.62 each) $1,620 Cost of ingredients $580 Rent 490 Store attendant 540 540 1,610 Pretax income $10 The manager estimates that if she were to increase the price of cones from $1.62 to $1.80 each, weekly volume would be cut to 850 cones due to competition from other nearby ice cream shops. Estimate the profit-maximizing price per cone. (Round entry to 2 decimal places e.g. 15.25. Round percentage change to 2 decimal places, e.g. 25.25% and elasticity to 3 decimal places, e.g. 1.525 for your calculations.) Price per cone $
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