\n In the 1930s a prominent economist devised the following demand function for corn:\n <\/p>\n
\n p\u00a0=\u00a0q1.3\n <\/p>\n
\n where\u00a0q\u00a0is the number of bushels of corn that could be sold at\u00a0p\u00a0dollars per bushel in one year. Assume that at least\u00a015,000\u00a0bushels of corn per year must be sold.\n <\/p>\n
\n (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.)\n <\/p>\n
\n p\u00a0= ____ $\n <\/p>\n
\n (b) How much corn can farmers sell per year at that price?\n <\/p>\n
\n q\u00a0=\u00a0____\u00a0bushels per year\n <\/p>\n
\n (c) What will be the farmers’ resulting revenue? (Round to the nearest cent.)\n <\/p>\n
\n $_______\u00a0\u00a0per year\n <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
In the 1930s a prominent economist devised the following demand function for corn: p\u00a0=\u00a0q1.3 where\u00a0q\u00a0is the number of bushels of corn that could be sold at\u00a0p\u00a0dollars per bushel in one year. Assume that at least\u00a015,000\u00a0bushels of corn per year must be sold. (a) How much should farmers charge per bushel of corn to maximize annual […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_joinchat":[]},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts\/227701"}],"collection":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/comments?post=227701"}],"version-history":[{"count":0,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts\/227701\/revisions"}],"wp:attachment":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/media?parent=227701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/categories?post=227701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/tags?post=227701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}