Mary Bought Pound of Two Sorts of Cookies for $1

question 13

Multiple Choice

Mary bought pound of two sorts of cookies for $1 per pound. If cookie with apricot jam $0.90 per pound and cookies with lemon jam $1.20 per pound, how many pounds of cookies with apricot jam did she buy? NOTE: Round your answer to the nearest tenth.

• A) 0.7 lb. of cookies with apricot jam
• B) 0.8 lb. of cookies with apricot jam
• C) 0.5 lb. of cookies with apricot jam
• D) 0.6 lb. of cookies with apricot jam
• E) 0.9 lb. of cookies with apricot jam

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Definitions:

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, representing additional gain over and above normative expectations.

ATC

Average Total Cost, which is calculated by dividing the total cost by the quantity of output produced.

Economic Profit

The surplus or profit remaining after deducting both explicit and implicit costs, including opportunity costs, from total revenues.

Interest Rate

The percentage charged on a loan or paid on deposits over a specific period of time, often annually.