Suppose a bakery makes 200 cherry cheesecakes at a cost of $2.65 each. If a spoilage rate of 5% is anticipated, at what price (in $) should the cakes be sold to achieve a 40% markup based on cost? (Round your answer to the nearest cent.) $ per cheesecake
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
The total selling price is the sum of the cost and markup price. Spoilage items should be reduced from total selling units. After considering all these factors we can easily compute the selling price for one cherry cheesecake.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
