If it cost you $2.60 to make a chicken sandwich, then how much would you want to sell it for?
The selling price of a chicken sandwich would typically depend on various factors such as market demand, competition, location, and desired profit margin. However, a common approach to pricing products is to use a pricing formula that includes the cost of production and desired profit margin.
Let's say you want to achieve a profit margin of 30% on top of the cost of production ($2.60). To calculate the selling price, you would add the desired profit margin to the cost:
Profit Margin = Cost x (Percentage/100)
Desired Profit Margin = $2.60 x (30/100) = $0.78
Selling Price = Cost + Desired Profit Margin
Selling Price = $2.60 + $0.78 = $3.38
In this case, you may want to sell the chicken sandwich for $3.38 to achieve a profit margin of 30%. However, it's important to consider other factors such as market research, competition, and customer willingness to pay to determine the most appropriate selling price for your chicken sandwich.