Final answer:
The percent increase in the price of iceberg lettuce is 140%.
Step-by-step explanation:
To find the percent increase, we need to calculate the difference between the price at which iceberg lettuce is grown and shipped and the price at which consumers purchase it, and then divide that difference by the original price and multiply by 100.
Let's start by finding the difference:
Difference = Consumer price - Production price
Difference = 120 cents - 50 cents = 70 cents
Now, let's calculate the percent increase:
Percent Increase = (Difference / Production price) * 100
Percent Increase = (70 cents / 50 cents) * 100 = 140%