In order to operate this hot dog stand, you must pay a fee of $200 per month to the city for space usage. There is an 8% tax that must be paid to the city for taxes.
a. Come up with a price for your product. Describe how you arrived at this price. Be specific.
b. What would be the volume of your product you would need to sell to make money? How did you arrive at this sales volume?
c. You are to devise a budget for one month of business. Please include all proposed expenses as well as your income based upon parts a. and b. above. Don't forget to pay yourself, or pay your employee(s) should you not work the hot dog stand yourself.
d. How does math play a part in the management of your hot dog stand?
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