During the 1950s the wholesale price for chicken for a country fell from 25¢ per pound to 14¢ per pound, while per capita chicken consumption rose from 23.5 pounds per year to 29 pounds per year. Assume that the demand for chicken depended linearly on the price. (a) Construct a linear demand function q(p), where p is in cents (e.g., use 14¢, not $0.14). Then, find the revenue function. R(p). R(p) (b) What wholesale price for chicken would have maximized revenues for poultry farmers? ¢ per pound Second derivative test: Your answer above is a critical point for the revenue function. To show it is a maximum, calculate the second derivative of the revenue function. R"(p)=

Q: A small company makes custom surfboards. They have found that if they sell the surfboards for $100…

A:

Q: (a) Verify that the formula p = 50 - 0.04N, where p is the price in dollars, gives the same values…

A: Given the price function p=50-0.04N.

Q: The demand curve for a product is given by q=400−5p, where p is the price of the product and q is…

A: Revenue function is given by product of demand function and price of product.

Q: The total cost C for a manufacturer during a given time period is a function of the number N of…

A: Given that the total cost can be calculated as the sum of fixed cost and the product of the variable…

Q: A store can sell 400 candy bars per week when the price is $0.50 per candy bar and they can sell 350…

A:

Q: The following table shows actual and projected worldwide annual sales and average selling prices of…

A: According to the given information,

Q: he total cost C for a manufacturer during a given time period is a function of the number N of items…

A: Given that: suppose that a manufacturer of vidgets has fixed costs of $5000 per month and that the…

Q: Suppose that a manufacturer of widgets has fixed costs of $9000 per month and that the variable cost…

A:

Q: The average water level in a retention pond is 6.8 ft. During a time of drought, the water level…

A: We will solve the following.

Q: The owner of a grocery store finds that she can sell 1634 galons of mik each week at $1.61 per galon…

A: Given,She can sell 1634 gallons of milk each week at $ 1.61 per gallon , and1754 gallons of milk…

Q: The manufacturer has developed the following table showing the highest price p, in dollars, of a…

A: Given :  The formula p = 50 − 0.04 N, where p is the price in dollars .   To determine : (a) Use the…

Q: The demand for gasoline can be modeled as a linear function of price. If the price of gasoline is p…

A: Given:- If The Price of gasoline is p = $3.10 per gallon,the quantity demanded in a fixed period is…

Q: You sell candy at an event to make money.  When candy are sold for $1.10 per bag, approximately 625…

A:

Q: The total cost C for a manufacturer during a given time period is a function of the number N of…

A: Given :  a manufacturer of widgets has fixed costs of $7000 per month and that the variable cost is…