UPSC CSE Prelims 2018
The following graph shows imports of three different types of steel over a period of six months of a year. Study the graph and answer the questions.
The figures in the brackets indicate the average cost per ton over six months period.
What was the approximate total value (in $) of sheet steel imported over the six months period?
EXPLANATION
Correct Option (3)
To determine the approximate total value of sheet steel imported over the six-month period, the following calculation is performed:
- First, sum the monthly import quantities of sheet steel (in thousand tonnes) from the provided graph: 40 + 37 + 36 + 36 + 34 + 34 = 217 thousand tonnes.
- Next, identify the average cost per ton for sheet steel over the six months, which is given as $256.
- Calculate the total value by multiplying the total quantity imported by the average cost per ton. Since the quantity is in 'thousand tonnes', it must be converted to tonnes for the final value: 217 × 1000 tonnes × $256/ton = $55,552,000.
- Finally, approximate this value. The calculated total value is $55,552,000. Among the given options, $55,550 is the closest approximation, aligning with the expected format of the answer choices.
Incorrect Options:
Options 1 ($45,555), 2 ($50,555), and 4 ($65,750) are incorrect. These values do not correspond to the accurate calculation of the total import value for sheet steel, which involves correctly summing the monthly import quantities and multiplying by the average cost per ton. Any deviation from the precise calculation would lead to these alternative results.