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1. Find a retail space for sale and using the loan payment formula, take out a mortgage on it to start your restaurant. How much profit do they make from the sale of one entree at the restaurant? How many entrées would they need to sell to cover the monthly mortgage payment? Assume the restaurant is a location of a popular chain restaurant when they do the research.
2. Compare the amount of money a server can make per week using a tipped minimum wage vs a "standard" minimum wage. Research both of these wages. Assume that the server is working at a typical chain restaurant, and research how much on average each table would tip. How many tables would they need to cover per hour to get the same hourly rate as minimum wage? Calculate the weekly wages earned in the following 3 scenarios: a server that works 20 hours a week during "busy" shifts, a server that works 20 hours a week during "slow" shifts, and someone who works retail for 20 hours a week earning minimum wage.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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