Use the Information for the Question(s)below

question 87

Multiple Choice

Use the information for the question(s) below. As an oil refiner, you are able to produce $76 worth of unleaded gasoline from one barrel of Alaska North Slope (ANS) crude oil. Because of its lower sulfur content, you can produce $77 worth of unleaded gasoline from one barrel of West Texas Intermediate (WTI) crude. Another oil refiner is offering to trade you 10,100 bbl of Alaska North Slope (ANS) crude oil for 9,950 bbl of West Texas Intermediate (WTI) crude oil. Assuming you just purchased 9,950 bbl of WTI crude at the current market price, the total revenue (cost) to you if you take the trade is closest to ________.

• A)$755,650
• B)$766,150
• C)$767,600
• D)$776,650

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Definitions:

Holistic Thinking

A cognitive approach focusing on the whole rather than its constituent parts, and understanding systems or phenomena as integrated wholes.

Relational Thinking

A cognitive process that involves identifying connections and relationships between objects, ideas, or situations.

Dialectical Thinking

A method of thought that involves holding two opposing points of view in mind at the same time to reach a synthesis or integration of the two.

Categorical Thinking

A cognitive process that involves organizing information into categories for easier understanding and decision-making, sometimes at the expense of recognizing unique or nuanced differences.