In the 1930s a prominent economist devised the following demand function for corn: 6,530,000 where is the number of bushels of corn that could be sold at p dollars per bushel in one year. Assume that at least 12,000 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=$ 24.63 x (b) How much corn can farmers sell per year at that price? Q-12000 ✓bushels per year (c) What will be the farmers' resulting revenue? (Round to the nearest cent.) $53400 r year
In the 1930s a prominent economist devised the following demand function for corn: 6,530,000 where is the number of bushels of corn that could be sold at p dollars per bushel in one year. Assume that at least 12,000 bushels of corn per year must be sold. (a) How much should farmers charge per bushel of corn to maximize annual revenue? HINT [See Example 3, and don't neglect endpoints.] (Round to the nearest cent.) p=$ 24.63 x (b) How much corn can farmers sell per year at that price? Q-12000 ✓bushels per year (c) What will be the farmers' resulting revenue? (Round to the nearest cent.) $53400 r year
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
![In the 1930s a prominent economist devised the following demand function for corn:
6,530,000
91.3
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 12,000 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= $ 24.63
x
p=
(b) How much corn can farmers sell per year at that price?
Q = 12000
bushels per year
(c) What will be the farmers' resulting revenue? (Round to the nearest cent.)
$ 53400
Xper year](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5e6acd23-120e-474d-b2a7-11ec3e3e21ae%2F09dce2d6-4e08-433b-94f1-91c7404d5c25%2Fh2ya8fm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In the 1930s a prominent economist devised the following demand function for corn:
6,530,000
91.3
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 12,000 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= $ 24.63
x
p=
(b) How much corn can farmers sell per year at that price?
Q = 12000
bushels per year
(c) What will be the farmers' resulting revenue? (Round to the nearest cent.)
$ 53400
Xper year
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps with 23 images
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
