A prominent economist devised the following demand function for corn:

p = 6,630,000/q^1.3

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 8,000 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.)

(b) How much corn can farmers sell per year at that price?

(c) What will be the farmers' resulting revenue? (Round to the nearest cent.)

Question

A prominent economist devised the following demand function for corn:

p = 6,630,000/q^1.3

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 8,000 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.)

(b) How much corn can farmers sell per year at that price?

(c) What will be the farmers' resulting revenue? (Round to the nearest cent.)

anonymous · Answer

anyone?