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24 Feb 2022, 19:15
Kudos
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E
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
25%
(medium)
Question Stats:
83% (02:03) correct
17%
(01:53)
wrong
based on 125
sessions
History
Date
Time
Result
Not Attempted Yet
A local farmer grows wheat on land he rents for a fixed cost of $200,000 per year. The variable cost of growing one bushel of wheat is $10. In a certain year, the farmer grows and sells 50,000 bushels of wheat and makes a profit of $150,000, after paying the fixed cost to rent the land. If every bushel sold of the same price, what was the selling price, in dollars, of the bushel of wheat?
A. 3
B. 7
C. 11
D. 13
E. 17
A. 3
B. 7
C. 11
D. 13
E. 17
01 May 2022, 08:05
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Bunuel
\(50000s - (200000 + 10*50000) = 150000\)
Or, \(50000s - 700000 = 150000\)
Or, \(5s - 70 = 15\)
Or, \(5s = 85\)
So, \(s = 17\), Answer must be (E)
07 Sep 2023, 11:20
Kudos
Bookmarks
A local farmer grows wheat on land he rents for a fixed cost of $200,000 per year. The variable cost of growing one bushel of wheat is $10. In a certain year, the farmer grows and sells 50,000 bushels of wheat and makes a profit of $150,000, after paying the fixed cost to rent the land. If every bushel sold at the same price, what was the selling price, in dollars, of the bushel of wheat?
Profit = n(SP) - n(CP) - Rent => 150,000=SP*50,000 - 10*50,000 - 200,000 => 3 = SP - 10 - 4 => SP = 17
Where n = no. of bushels
SP = Selling price of one bushel
CP = cost price of one bushel
Hence E
Profit = n(SP) - n(CP) - Rent => 150,000=SP*50,000 - 10*50,000 - 200,000 => 3 = SP - 10 - 4 => SP = 17
Where n = no. of bushels
SP = Selling price of one bushel
CP = cost price of one bushel
Hence E
