To Three Significant Figures,how Many Metric Tons of Iron Ore

question 75

Multiple Choice

To three significant figures,how many metric tons of iron ore are needed to produce 10,000 metric tons of iron per day in the blast furnace process? Assume that the iron ore is iron(III) oxide and that the ore is 70.0% pure.The reaction of interest is Fe₂O₃(s) + 3 CO(g) → 2 Fe(l) + 3 CO₂(g) .

• A)14,300 metric tons
• B)20,000 metric tons
• C)20,400 metric tons
• D)30,000 metric tons

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Definitions:

Absorption Cost Pricing

A pricing method that includes all manufacturing costs (fixed and variable) in the cost of a product, plus a markup for profit.

Mark-Up Percentage

The percentage added to the cost of goods to cover overhead and profit, determining the selling price of a product.

Variable Manufacturing Cost

Costs that change with the level of production output, such as raw materials and direct labor, contrasted with fixed costs.

Variable Cost Pricing

Setting prices based on the variable costs of producing a product, ignoring fixed costs.