Answer to Question 1
The best pricing methods consider the operation's financial goals and use information available in the property's operating budget.
One common pricing method uses the budget's approved food cost percentage to determine the menu item selling price. Three additional menu pricing methods consider the contribution margin (Revenue Food cost), the ratio between food cost and contribution margin, and the prime cost percentage to develop base selling prices.
A challenge with any objective menu pricing method is to determine the actual food cost for items being processed. This requires knowledge of a menu item's ingredients, current food cost, and yield (number of servings) of the recipe.
Answer to Question 2
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