Chapter 8, Problem 14AT

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Solve the following word problems. Round dollars to the nearest cent and percents to the nearest tenth of a percent.

Epicure Market prepares fresh gourmet entrees each day. On Wednesday, 80 baked chicken dinners were made at a cost of $3.50 each. A 10% spoilage rate is anticipated.

**a.** At what price should the dinners be sold to achieve a

**b.** If Epicure offers a $l-off coupon in a newspaper advertisement, what markdown percent does the coupon represent?

**(a)**

To determine

**To calculate:** The Price at which dinner should be sold to achieve

Explanation

**Given Information:**

The quantity is

**Formula used:**

The Cost can be computed using:

The Selling Price can be calculated using the following equation:

The Anticipated Spoilage is calculated using the following equation:

The Selling Price of perishable goods can be calculated using the following equation:

**Calculation:**

Consider the provided data, percent markup based on selling Price is

This question can be solved in 3 steps as follows:

Step 1:

The cost of Chicken dinner is:

Substitute for

Thus, the Cost of Chicken dinner is

**(b)**

To determine

**To calculate:** The markdown percent, if the original selling price is

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