You are the catering manager for an upscale hotel. Last Saturday your staffcatered a wedding reception in the main ballroom, during which 132 chickendinners, 242 steak dinners, and 66 fish dinners were served. All dinners are thesame price. The hotel charges "per person" for catered events.(a) What percent of the total meals served was each type of dinner?chicken30%steak55%fish15%(b) If $24,200 was charged for all the meals, how much revenue (in $) did eachtype produce?chicken$1560steak$5808fish2$360(c) If a 20% price increase goes into effect next month, what will be the newprice (in $) per meal?$ 6.36(d) When photographers, florists, DJs, bands, and other outside vendors arebooked through your office for events at the hotel, a 9L% "finder's fee" is2charged. Last year, $165,000 of such services were booked. How much (in$) did the hotel make on this service?$(e) If your boss is expecting $24,700 in "finder's fee" revenue next year, whatamount (in $) of these services must be booked?$

Finder's fee, also called referral charges, is a commission (in percentage terms) earned by an…

(d) When photographers, florists, DJs, bands, and other outside vendors are booked through your office for events at the hotel, a 9L% "finder's fee" is charged. Last year, $165,000 of such services were booked. How much (in $) did the hotel make on this service? (e) If your boss is expecting $24,700 in "finder's fee" revenue next year, what amount (in $) of these services must be booked?

(d) When photographers, florists, DJs, bands, and other outside vendors are booked through your office for events at the hotel, a 9L% "finder's fee" is charged. Last year, $165,000 of such services were booked. How much (in $) did the hotel make on this service? (e) If your boss is expecting $24,700 in "finder's fee" revenue next year, what amount (in $) of these services must be booked?

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter20: The Problem Of Adverse Selection Moral Hazard

Section: Chapter Questions

Problem 3MC

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