In the 1930s a prominent economist devised the following demand function for
In the 1930s a prominent economist devised the following demand function for
corn:
p = 6,570,000 /q1.3
where q is the number of bushels of corn that could be sold at p dollars per bushel in one year. Assume that at least 15,000 bushels of corn per year must be sold.
(a) How much should farmers charge per bushel of corn to maximize annual revenue? HINT [See Example 3, and don’t neglect endpoints.] (Round to the nearest cent.)
p = ____ $
(b) How much corn can farmers sell per year at that price?
q = ____ bushels per year
(c) What will be the farmers’ resulting revenue? (Round to the nearest cent.)
$_______ per year
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"
