A restaurant serves meals at an average price of GHC 12. The variable cost of each...

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A restaurant serves meals at an average price of GHC 12. The variable cost of each meal is GHC 8 and the fixed costs of running the restaurant amount to GHC 400 per day. a) Give a clear expression in terms of x for : i. ii. iii. daily revenue, R(x) daily cost, C(x) daily profit, P(x) where x is the level of activity b) If the restaurant sold 400 meals per day, what daily profit would the restaurant make? c) How many meals should the restaurant aim to serve each day in order to break even? d) If the restaurant were making a loss of GHC 150 per day, which increase in the number of meals served would be required to break even? e) Sketch the revenue and cost functions on the same plane and indicate: i) the profit region ii) the loss region iii) the breakeven point iv) the fixed cost point A restaurant serves meals at an average price of GHC 12. The variable cost of each meal is GHC 8 and the fixed costs of running the restaurant amount to GHC 400 per day. a) Give a clear expression in terms of x for : i. ii. iii. daily revenue, R(x) daily cost, C(x) daily profit, P(x) where x is the level of activity b) If the restaurant sold 400 meals per day, what daily profit would the restaurant make? c) How many meals should the restaurant aim to serve each day in order to break even? d) If the restaurant were making a loss of GHC 150 per day, which increase in the number of meals served would be required to break even? e) Sketch the revenue and cost functions on the same plane and indicate: i) the profit region ii) the loss region iii) the breakeven point iv) the fixed cost point