A farmer harvested 200 bags of rice and sold each bag at ₦15,000. If the total cost of production was ₦1,800,000, what was the farmer's profit?
A₦1,200,000CORRECT
B₦3,000,000
C₦1,800,000
D₦200,000
GCEAgricultural ScienceAgricultural Economics2023
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Why the answer is A, and why the others tempt you.
Total revenue = 200 × ₦15,000 = ₦3,000,000. Profit = Total Revenue − Total Cost = ₦3,000,000 − ₦1,800,000 = ₦1,200,000. Option B is the total revenue (a common error), while option C is the total cost, and option D is an arithmetic mistake.
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