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Now suppose that the fish and chips restaurant has already been opened. The entrepreneur paid the upfront fixed costs to set up the restaurant, and
Now suppose that the fish and chips restaurant has already been opened. The entrepreneur paid the upfront fixed costs to set up the restaurant, and those fixed costs amount to about $1 per serving of fish and chips, as estimated. The actual variable costs, as were anticipated, are $4 per serving. Unfortunately, consumers don't want to pay as much for fish and chips as the entrepreneur anticipated. What is the lowest price the entrepreneur would be willing to charge for a serving of fish and chips? $1 $4 $5 $9
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