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The Squish, an upscale 150-seat restaurant, revises its menu every six months. The revisions are based, in part, on the price elasticity of demand for their menu items. During the thirtyday periods before and after the last menu revision, the selling prices and quantity sold of throv itoms worn an follows The above sales quantities have remained fairly constant each month since the last menu revision. Required: 1. Compute the price elasticity of demand for each menu item. 2. Advise Kay Rae, the manager, of the implications of your results for each menu item. Problem 10 The Sugar Plum Inn had an average dinner cover charge of $8.75 during the month of June, when 3,000 patrons were served. E. L. Plum, the owner/manager, increased the dinner 430 Chapter 8 menu prices by an average of $50 per item. During the first 30 days of July, the average cover charge was $9.25 for the 2.900 patrons who were served dinner. Required: 1. Compute the price elasticity of demand. 2. How is demand characterized based on your calculations? Babbie's Place has not changed its menu in three years. Recently, the owner, Bobbie Schmidt, read about menu engineering and desires your assistance in analyzing the dinner menu The seven dinner entrees, their selling prices, costs, and the menu counts for a recent month are as follows: Required: 1. Complete a menu engineering worksheet using the format of Exhibit 15. 2. What recommendations would you offer the owner based on your analysis