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05 Mar 2025, 01:30
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A
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:
80% (01:24) correct
20%
(01:37)
wrong
based on 75
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Greg’s Goosebumps produces Halloween items. Greg’s production costs consist of annual fixed costs totaling $120,000 and variable costs averaging $4 per item. If Greg’s selling price per item is $20, how many items must he produce and sell to earn an annual profit of $200,000?
(A) 20,000
(B) 15,000
(C) 3,333
(D) 5,000
(E) 1,333
(A) 20,000
(B) 15,000
(C) 3,333
(D) 5,000
(E) 1,333
05 Mar 2025, 01:33
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Let units be x
Profit = Selling Price - Variable cost - Fixed cost
200000 = 20x - 4x - 120000
320000=16x
x = 20,000
Profit = Selling Price - Variable cost - Fixed cost
200000 = 20x - 4x - 120000
320000=16x
x = 20,000
Bunuel
05 Mar 2025, 02:00
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Bunuel
FC = 120000
VC = $4 per item
Suppose he sells x items to get the target profit of 200000
Total Cost = FC + VC = 120000 + 4x
Total Revenue = 20x
Profit = Revenue - Cost
200,000 = 20x - 120,000 - 4x
i.e. 16x = 320,000
i.e. x = 20,000
Answer: Option A
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