Question
In: Accounting
I'm trying to decide if I want to invest in a refinery to upgrade my bitumen...
I'm trying to decide if I want to invest in a refinery to upgrade my bitumen to oil. Currently it costs me $40, to get my bitumen to market, where I am able to sell it for $50 a barrel.
If I decided to upgrade, it will costs me an extra $6 a barrel, these will produce 30 liters of oil, which I can sell for $2 each.
Should I expand my business?
Select one:
a. Yes - 4
b. Yes - 60
c. Yes - 14
d. None of the other answers
e. Yes - 10
Solutions
Expert Solution
For Bitumen,
current cost = $40
Selling price = $50
current profit = selling price - current cost
= $50 - $40
= $10
After converting bitumen to oil,
new cost = $40 + $6
= $46
new selling price= 30 liters * $2
= $60
new profit = new selling price- new cost
= $60 - $46
= $14
Yes, you should expand your business, as it will increase profit from $10 to $14.
Hence, option c yes-14 is correct.
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