Solve. -A Grain Dealer Sold to One Customer 5 Bushels of of Wheat

question 101

Multiple Choice

Solve.
-A grain dealer sold to one customer 5 bushels of wheat, 2 of corn, and 3 of rye, for $34.70; to another, 2 of wheat, 3 of corn, and 5 of rye, for $35.00; and to a third, 3 of wheat, 5 of corn, and 2 of rye, for $38.30. What was the
Price per bushel for corn?

• A) $1.80
• B) $4.44
• C) $3.60
• D) $1.30

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Definitions:

Annual Output

The total production or quantity of goods and services produced by a company or economy in one year.

Economies of Scale

The cost advantage achieved by an increase in production, leading to a decrease in the average cost per unit through efficient allocation of resources and spreading of fixed costs.

Cost-output Elasticity

The ratio of the percentage change in cost relative to the percentage change in output, indicating how costs change with output levels.

Marginal Cost

The cost associated with producing one additional unit of a product.