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Solomon Cinemas is considering a contract to rent a movie for $1,500 per day. The contract requires a minimum one-week rental period. Estimated attendance is
Solomon Cinemas is considering a contract to rent a movie for $1,500 per day. The contract requires a minimum one-week rental period. Estimated attendance is as follows: Monday Tuesday Kednesday 460 280 160 Thursday 580 Friday 1,040 Saturday 1,040 Sunday 460 Required a. Determine the average cost per person of the movie rental contract separately for each day. b. Suppose that Solomon chooses to price movie tickets at cost as computed in Requirement a plus $2.50. What price would it charge per ticket on each day of the week? c. Use weekly averaging to determine a reasonable price to charge for movie tickets
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