Question

The price of a bag of popcorn at a basketball game increased from $3.10 to $3.75. The concession stand sold 290 bags of popcorn. With the price increase, how much more money did the concession stand earn on the bags of popcorn

Answer 1

As a result of the price increase, an additional $188.50 was made.

The first step here is to find out the increased revenue that was earned on each bag of popcorn:

= New price - old price

= 3.75 - 3.10

= $0.65

The concession stand sold 290 units so the increased amount that was earned was:

= Incremental revenue x Number of units sold

= 0.65 x 290

= $188.50

In conclusion, an additional $188.50 was made.

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