If a grocery store sells a bag of 4 oranges for $1.04 then it will cost $2.86 for 11 oranges.
Given that a grocery store sells a bag of 4 oranges for $1.04 means revenue is $1.04 with no profits.
We have to find the cost of 11 oranges. We have assumed that there are no profits as we are require to find cost. But there is huge difference between cost and profits.
We know that average cost is total cost divided by number of items.
Cost of 4 oranges=$1.04
cost of 1 orange=1.04/4
=$0.26 per orange
Cost of 11 oranges=0.26*11
=$2,86.
Hence if a grocery store sells a bag of 4 oranges for $1.04 then it will cost $2.86 for 11 oranges.
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