Determine the Menu Price for the Following

question 32

Short Answer

Determine the menu price for the following. Round to the nearest cent. The raw food cost is $5.90, and the markup rate is . $_______________

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Definitions:

Marginal Revenue

The additional revenue that a company receives from selling one more unit of a product or service.

Marginal Revenue

The rise in income generated by the sale of an extra unit of a product or service.

Total Revenue

The sum of all revenue collected from selling goods or services before deducting any costs.

Marginal Cost

The monetary requirement for the generation of one additional unit of a good or service.