A farmer sold all his harvested maize totaling 260 kg at N5.50 per kg, thereby making a profit of N430.00. Calculate the production cost of maize per kg.
Question 1 Report
A farmer sold all his harvested maize totaling 260 kg at N5.50 per kg, thereby making a profit of N430.00. Calculate the production cost of maize per kg.
Answer Details
To calculate the production cost of maize per kg, we need to first calculate the total revenue and then subtract the profit from it.
Total revenue = 260 kg * N5.50/kg = N1,430.00
Profit = N430.00
Therefore, the production cost of maize per kg is:
Production cost = (Total revenue - Profit) / Total quantity
= (N1,430.00 - N430.00) / 260 kg
= N1000.00 / 260 kg
= N3.85/kg
So, the answer is N3.85.
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