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Jordan Cinemas is considering a contract to rent a movie for $2,300 per day. The contract requires a minimum one-week rental period. Estimated attendance is
Jordan Cinemas is considering a contract to rent a movie for $2,300 per day. The contract requires a minimum one-week rental period. Estimated attendance is as follows:
Required
- Determine the average cost per person of the movie rental contract separately for each day.
- Suppose that Jordan chooses to price movie tickets at cost as computed in Requirement a plus $2.60. What price would it charge per ticket on each day of the week?
- Use weekly averaging to determine a reasonable price to charge for movie tickets.
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