Question

Until​ recently, hamburgers at the city sports arena cost ​$3.20 each. The food concessionaire sold an...

Until​ recently, hamburgers at the city sports arena cost ​$3.20 each. The food concessionaire sold an average of 18,000 hamburgers on game night. When the price was raised to $3.80, hamburger sales dropped off to an average of 12,000 per night.

​(a) Assuming a linear demand​ curve, find the price of a hamburger that will maximize the nightly hamburger revenue.

​(b) If the concessionaire had fixed costs of 2,000 per night and the variable cost is ​$0.40 per​ hamburger, find the price of a hamburger that will maximize the nightly hamburger profit.

​(c) Assuming a linear demand​ curve, find the price of a hamburger that will maximize the nightly hamburger revenue.

The hamburger price that will maximize the nightly hamburger revenue is ​$__.

​(Round to the nearest cent as​ needed.)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Until recently, the hamburgers at the city sports arena cost $4.60 each. The concessionaire sold an...
Until recently, the hamburgers at the city sports arena cost $4.60 each. The concessionaire sold an average of 6,000 on game night. When the price was raised up to $5.10, the hamburger sales dropped to an average of 4750 per night. ​(a) Assuming a linear demand​ curve, find the price of a hamburger that will maximize the nightly hamburger revenue. ​(b) If the concessionaire had fixed costs of ​$2,500 per night and the variable cost is ​$0.50 per​ hamburger, find...
Until​ recently, hamburgers at the city sports arena cost $ 2.50$2.50 each. The food concessionaire sold...
Until​ recently, hamburgers at the city sports arena cost $ 2.50$2.50 each. The food concessionaire sold an average of 2 comma 5002,500 hamburgers on game night. When the price was raised to $ 2.80$2.80​, hamburger sales dropped off to an average of 2 comma 2002,200 per night. The​ concessionaire's fixed costs were ​$566.40566.40 per night and the variable cost was ​$1.301.30 per hamburger. a)Assume that the relationship between price p and demand x is linear. Express p as a function...
Until​ recently, hamburgers at the city sports arena cost $ 2.50 each. The food concessionaire sold...
Until​ recently, hamburgers at the city sports arena cost $ 2.50 each. The food concessionaire sold an average of 2,500 hamburgers on game night. When the price was raised to $2.80​, hamburger sales dropped off to an average of 2,200 per night. The​ concessionaire's fixed costs were ​$1,156.50 per night and the variable cost was $1.98 per hamburger. Answer the following questions​ (A) through​ (F). (A)   Assume that the relationship between price p and demand x is linear. Express p...
3. Let ?(?) be the revenue in dollars from selling ? units. If ?(200) = 540...
3. Let ?(?) be the revenue in dollars from selling ? units. If ?(200) = 540 and ?′(200) = 17.. a. Verbally interpret ?(200) b. Estimate the revenue generated from the production of 201 units. c. If the cost in dollars to produce ?? units is given by ?(?) = ?.??x , is it profitable to raise the production to 201 units? Explain in a sentence. 4. An online shopping website has determined that the number of items orders they...
1. Which is statement is true? I. A single-price monopolist charges a price equal to the...
1. Which is statement is true? I. A single-price monopolist charges a price equal to the marginal cost of the last unit sold. II. A monopolist with positive marginal costs and facing a linear demand curve always sets a quantity (or price) such that it sells on the elastic section of the demand curve. III. A monopolist regulated by marginal-cost pricing regulation sells at a price that covers its variable and fixed costs of production, but it still causes a...
Please answer the following Case analysis questions 1-How is New Balance performing compared to its primary...
Please answer the following Case analysis questions 1-How is New Balance performing compared to its primary rivals? How will the acquisition of Reebok by Adidas impact the structure of the athletic shoe industry? Is this likely to be favorable or unfavorable for New Balance? 2- What issues does New Balance management need to address? 3-What recommendations would you make to New Balance Management? What does New Balance need to do to continue to be successful? Should management continue to invest...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT