In the 1930s a prominent economist devised the following demand function for corn: p = 6,610,000 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 13,000 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
In the 1930s a prominent economist devised the following demand function for corn: p = 6,610,000 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 13,000 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
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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In the 1930s a prominent economist devised the following demand function for corn:
p =
,
| 6,610,000 |
| 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 13,000 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
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
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