Refer to the information provided in Figure 7.1 below to answer the following question(s). Figure 7.1
-Refer to Figure 7.1. A corn producer produces 80 bushels of corn and sells each bushel at $5. The cost of producing each unit bushel is $2. This corn producer's total revenue is ________ and profit if ________.
A) $160; $0
B) $240; $80
C) $400; $240
D) $400; $160

Question

Refer to the information provided in Figure 7.1 below to answer the following question(s).  Figure 7.1
-Refer to Figure 7.1. A corn producer produces 80 bushels of corn and sells each bushel at $5. The cost of producing each unit bushel is $2. This corn producer's total revenue is ________ and profit if ________.
A) $160; $0 
B) $240; $80 
C) $400; $240 
D) $400; $160

Quizplus · Accepted Answer

Total revenue is calculated as the price per unit times the quantity sold, which is $5 * 80 = $400. Profit is calculated as total revenue minus total costs, where total costs are $2 * 80 = $160. Therefore, profit is $400 - $160 = $240.

Refer to the Information Provided in Figure 7