The formula to calculate the Cost Per Bushel of Corn (CBC) is:
\[ CBC = \frac{TC}{\left(\frac{W}{56}\right)} \]
Where:
Let's say the total cost of the corn lot (TC) is $500 and the weight of the corn purchased (W) is 2800 lbs. Using the formula:
\[ CBC = \frac{500}{\left(\frac{2800}{56}\right)} = 10 \]
So, the cost per bushel of corn (CBC) is $10.
Definition: The price of corn per bushel is the cost to purchase one bushel of corn.
Formula: \( P = C \)
Example: \( P = 3.70 \)
Definition: The average price of corn per bushel is the mean cost of corn over a specific period.
Formula: \( AP = \frac{\sum P}{N} \)
Example: \( AP = \frac{3.70 + 3.75 + 3.80}{3} \)
Definition: The current price per bushel of corn is the latest market price for one bushel of corn.
Formula: \( CP = C \)
Example: \( CP = 3.70 \)
Definition: A price of corn per bushel chart visually represents the historical prices of corn per bushel over time.
Formula: \( P_{chart} = f(t) \)
Example: \( P_{chart} = f(2023, 2024) \)
Definition: The cost per bushel of corn is the price to purchase one bushel of corn.
Formula: \( H = C \)
Example: \( H = 3.70 \)
Definition: The price of corn per bushel today is the current market price for one bushel of corn.
Formula: \( T = C \)
Example: \( T = 3.70 \)
