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A high-end restaurant wants to introduce a new gourmet dish to its menu. The dish's ingredient costs are $25 per plate, and the restaurant incurs an additional $10 per plate in overhead costs. The restaurant aims for a profit of $15 per plate. However, to maintain a competitive edge, the restaurant must also cover an additional 5% in marketing costs per dish sold. Using Goal Seek, calculate the new selling price per dish required to meet the profit target while covering the additional marketing costs.

A high-end restaurant wants to introduce a new gourmet dish to its menu. The dish's ingredient costs are $25 per plate, and the restaurant incurs an additional $10 per plate in overhead costs. The restaurant aims for a profit of $15 per plate. However, to maintain a competitive edge, the restaurant must also cover an additional 5% in marketing costs per dish sold. Using Goal Seek, calculate the new selling price per dish required to meet the profit target while covering the additional marketing costs.

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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A high-end restaurant wants to introduce a new gourmet dish to its menu. The dish's ingredient costs are $25 per plate, and the restaurant incurs an additional $10 per plate in overhead costs. The restaurant aims for a profit of $15 per plate. However, to maintain a competitive edge, the restaurant must also cover an additional 5% in marketing costs per dish sold. Using Goal Seek, calculate the new selling price per dish required to meet the profit target while covering the additional marketing costs.
Transcribed Image Text:A high-end restaurant wants to introduce a new gourmet dish to its menu. The dish's ingredient costs are $25 per plate, and the restaurant incurs an additional $10 per plate in overhead costs. The restaurant aims for a profit of $15 per plate. However, to maintain a competitive edge, the restaurant must also cover an additional 5% in marketing costs per dish sold. Using Goal Seek, calculate the new selling price per dish required to meet the profit target while covering the additional marketing costs.
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