The graph above shows the supply, in millions of pounds, of king crab harvested and sold from 2005 to 2011. The information for the year 2012 is not included in the graph.
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 ?
According to the graph, the king crab supply in 2006 was 180 million pounds.
It is given that 60% of this supply was sold at $8 per pound and the rest of the supply was sold at $7 per pound.
It follows that (0.6)(180) = 108 million pounds of king crab was sold at $8 per pound, and 180 – 108 = 72 million pounds of king crab was sold at $7 per pound.
Therefore, the revenue generated, in millions of dollars, from the sales of king crab in 2006 was (108)(8) + (72)(7) = 1368.
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