Lickety Split sells ice cream cones in a variety of flavors. Data for a recent week appear

Question:

Lickety Split sells ice cream cones in a variety of flavors. Data for a recent week appear here:

The manager estimates that if she were to increase the price of cones from $1.75 to $1.93 each, weekly volume would be cut to 850 cones due to competition from other nearby ice cream shops.

REQUIRED
Estimate the profit-maximizing price percone.

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Cost Management Measuring Monitoring and Motivating Performance

ISBN: 978-0470769423

2nd edition

Authors: Leslie G. Eldenburg, Susan K. Wolcott

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Question Posted: Jan 26, 2015 02:14 AM

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Lickety Split sells ice cream cones in a variety of flavors. Data for a recent week appear

Question:

Revenue (1,000 cones Cost of ingredients Rent Store attendant $1.75 each) $1,750 $640 500 600 1,740 $ 10 Pretax income

Step by Step Answer:

Percent change in price 193 175175 10 Percent change in demand 1000 85...View the full answer

Cost Management Measuring Monitoring and Motivating Performance

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