Question

In 2006, the price of king crab was $8 per pound at

the beginning of the year and dropped to $7
per pound toward the end of the year. If 60% of the
king crab supply was sold at the higher price per
pound and the rest was sold at the lower price per
pound, what was the total revenue generated, in
millions of dollars, from the sales of king crab in
2006 ? (Disregard the $ when gridding your answer.)
USE THE GRAPH TO ANSWER

Answer 1

$1368

Explanation:

The average selling price was ...

$8×0.60 + 7×0.40 = $7.6 . . . . per pound

Then 180 million pounds generated revenue of ...

(180 million pounds)×($7.60 /pound) = $1368 million

The total revenue in millions of dollars was $1368 in 2006.