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Lance's Diner has a hot-lunch special each weekday and Sunday afternoon. The cost of food and other variable costs for each meal served is $4.20;
Lance's Diner has a hot-lunch special each weekday and Sunday afternoon. The cost of food and other variable costs for each meal served is $4.20; weekly fixed costs (e.g., building depreciation and equipment rental costs) are $6,400, regardless of how many days the diner is open per week. Lance has an average of 800 customers per day. Required: a. What is the lowest price in total (not per meal) that Lance should charge for a special group of 500 that wants to come on Saturday for a family reunion? b. What should be the lowest price per meal that Lance should charge for the hot-lunch special served on weekdays and Sunday afternoons? (Round "lowest price per meal" answer to 2 decimal places.) a Lowest price in total Lowest price b. per meal
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