Vanessa has a catering business. For a childrens party of 150, she charged Php 37, 000 for the food, Php 2, 000 for the decor, and Php 3, 750 service charge. On the average, how much was the cost per person?

BUSINESS MATHEMATICS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Vanessa has a catering business. For a children’s party of 150, she charged Php 37, 000 for the food, Php 2, 000 for the decor, and Php 3, 750 service charge. On the average, how much was the cost per person?

A	Php 427.50
B	Php 472.50
C	Php 285.00
D	Php 258.00

Explanation:

Detailed explanation-1: -The formula for the budget constraint line would be: P 1 × Q 1 + P 2 × Q 2 = I Let’s plot this equation to see the budget constraint line graph!

Detailed explanation-2: -Optimal Bundle (MUx/Px = MUy/Py) The optimal bundle is also called utility maximization and it is the point where the marginal utility per dollar (which is the marginal utility divided by the price) of each good is the same.

Detailed explanation-3: -2.3 If all prices are doubled and money income is left the same, the budget set does not change because relative prices don’t change. price, then the slope of the budget line will be positive.

Detailed explanation-4: -If both the prices as well as the income doubles, it suggests equally proportionate change in both income and prices, thus, the budget set would remain the same as before, since the attainable combinations would not change for the consumer. Was this answer helpful?

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BUSINESS MATHEMATICS