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The output produced in bushels and the prices of this output ($/bushel) over the last three years ...

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The output produced in bushels and the prices of this output ($/bushel) over the last three years ...

The output produced in bushels and the prices of this output ($/bushel) over the last three years for Seth Johnson, a farmer in Amarillo, Texas, are as follows:

Year

Output (bushels)

Price ($/bushel)

2010

70,000

$3.20

2011

75,000

$2.90

2012

80,000

$3.50

Let the base year be 2011. Relative to 2011, output for 2010 was lower by ________ percent.

• 6.25

• 6.67

• 7.14

• 13.3

Textbook

Introduction to Agricultural Economics

Edition: 7^th

Authors: Penson, Rosson, Woodward

Read 104 times

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