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Lance's Diner has a hot-lunch special each weekday and Sunday aftemoon. The cost of food and other variable costs for each meal served is $3.50;
Lance's Diner has a hot-lunch special each weekday and Sunday aftemoon. The cost of food and other variable costs for each meal served is $3.50; weekly fixed costs (e.g., buliding depreciation and equipment rental costs) are $6,000, regardless of how many days the diner is open per week. Lance has an average of 500 customers per day. Required: a. What is the lowest price in total (not per meal) that Lance should charge for a special group of 200 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 speclal served on weekdays and Sunday aftemoons? (Round "Lowest price per meal" answer to 2 decimal places.)
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