Refer to the information provided in Figure 7.1 below to answer the following question(s). Figure 7.1
-Refer to Figure 7.1. This corn producer produces 100 bushels of corn and sells each bushel at $5. The cost of producing each bushel is $2. This corn producer's total revenue is ________ and profit is ________.
A) $200; $300
B) $300; $200
C) $500; $200
D) $500; $300

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. This corn producer produces 100 bushels of corn and sells each bushel at $5. The cost of producing each bushel is $2. This corn producer's total revenue is ________ and profit is ________.
A) $200; $300 
B) $300; $200 
C) $500; $200 
D) $500; $300

Quizplus · Accepted Answer

Total revenue = Price per bushel * Number of bushels = $5 * 100 = $500Profit = Total revenue - Total cost = $500 - (Cost per bushel * Number of bushels) = $500 - ($2 * 100) = $300

Refer to the Information Provided in Figure 7