Final answer:
The cost per hotdog is found by dividing the total cost by the number of hotdogs, resulting in a cost of $1.50 per hotdog.
Step-by-step explanation:
To find the cost of each hotdog, we need to divide the total amount spent by the number of hotdogs. In this case, Michael spent $240 on 160 hotdogs. So, we can divide $240 by 160 to find the cost of each hotdog.
$240 ÷ 160 = $1.50
Therefore, each hotdog costs $1.50.