If a dairy farmer's cost of production is $9.00 per hundredweight and costs increase by 12%, what is the new cost per hundredweight?

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Enhance your skills with the FFA Farm Business Management Test. Learn and practice with detailed multiple choice questions, complete with explanations and insights. Elevate your farm business acumen and ace your exam.

Multiple Choice

If a dairy farmer's cost of production is $9.00 per hundredweight and costs increase by 12%, what is the new cost per hundredweight?

Explanation:
Understanding percent increases: you multiply the original cost by 1 plus the increase in decimal form. With a 12% rise, multiply by 1.12. So the new cost is 9.00 × 1.12 = 10.08 per hundredweight. This also aligns with adding 0.12 × 9.00 = 1.08 to the original 9.00, giving 10.08. The other numbers reflect different amounts of increase (or none at all), so they don't match the 12% rise.

Understanding percent increases: you multiply the original cost by 1 plus the increase in decimal form. With a 12% rise, multiply by 1.12. So the new cost is 9.00 × 1.12 = 10.08 per hundredweight. This also aligns with adding 0.12 × 9.00 = 1.08 to the original 9.00, giving 10.08. The other numbers reflect different amounts of increase (or none at all), so they don't match the 12% rise.

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