A Caterer Has the Following Price Structure for Banquets

question 216

Short Answer

A caterer has the following price structure for banquets. The first 20 meals are charged the basic price per meal. The next 20 meals are discounted by $2 each and all additional meals are each reduced by $3. If the total cost for 73 meals comes to $1686, what is the basic price per meal?

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Definitions:

Sample Means

The average value of a set of data sampled from a larger population.

Standard Deviation

A measure that quantifies the amount of dispersion or variation of a set of data values.

Sample Mean

The average value of a sample subset of a population, often used as an estimate of the population mean.

Pooled Standard Deviation

A method of estimating the standard deviation across two or more sample sets by pooling their variances under the assumption that the population variances are equal.