The demand for yams is given by q = 5000 – 40p², where 9 is in pounds of yams and is the price of a pound of yams. (a) At a price of $5 per pound, what is the total revenue for the yam farmer? The total revenue for the yam farmer is $ (b) Write revenue as a function of price, and then find the price that maximizes revenue.

The demand for yams is given by q = 5000 – 40p², where 9 is in pounds of yams and is the price of a pound of yams. (a) At a price of $5 per pound, what is the total revenue for the yam farmer? The total revenue for the yam farmer is $ (b) Write revenue as a function of price, and then find the price that maximizes revenue.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Elasticity

Section: Chapter Questions

Problem 11QP: Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price...

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