A farmer sells honey in jars at a market. He has 60 jars to sell. He calculates

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A farmer sells honey in jars at a market. He has 60 jars to sell.

He calculates that the cost of producing each jar of honey is $1.50.

He manages to sell 25 jars at $3.50 each.

He then decides to reduce the price of the honey to $2.00 for each jar and as a result manages to sell the rest.

a. Calculate how much money he has received from selling his honey as a percentage of cost.

b. Calculate how much profit he has made as a percentage of cost.  

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