price per meal = actual revenue/actual meals sold) Problem 12 (12 points) Barbara Collins is the manager of Shives, a fine dining restaurant, and is preparing next year's budget. She wants to examine three different levels of sales as follows: $700,000, $1,000,000, and $1,300,000. The following information upon which to make the calculations is provided. • Food cost percentage: 45 percent • Labor: Variable: 23 percent Fixed: $80,000 • Other operating expenses: 8 percent • Fixed charges: $100,000 • Income taxes: 30 percent of pretax income Prepare the condensed operating budget for Shives at the three levels of sales indicated above. HOMEWORK HINT: Variable cost are a percentage of sales. Income taxes are a percentage of net income (before taxes). Next - Previous F9 F10 F7 F8 F5 F6 F1 F2 F3 F4

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.