Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
Suppose you own a stand of fast-growing pines. The growth function of the pines is Q(t) = 10t + t?-0.01t, where Q(t) is the volume of timber in year t. a) What is the maximum volume of timber this stand of pines can produce? b) Suppose the difference between the timber price and the harvesting cost is $1, the replanting cost is $150, and the discount rate is 5%. Please find out the optimal rotation interval T*, the volume of timber at T.

Suppose you own a stand of fast-growing pines. The growth function of the pines is Q(t) = 10t + t?-0.01t, where Q(t) is the volume of timber in year t. a) What is the maximum volume of timber this stand of pines can produce? b) Suppose the difference between the timber price and the harvesting cost is $1, the replanting cost is $150, and the discount rate is 5%. Please find out the optimal rotation interval T*, the volume of timber at T.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
See similar textbooks
icon
Related questions
Question
Suppose you own a stand of fast-growing pines. The growth function of the pines is Q(t) = 10t + t2-0.01t3, where Q(t) is the volume of timber in year t. a) What is the maximum volume of timber this stand of pines can produce? b) Suppose the difference between the timber price and the harvesting cost is $1, the replanting cost is $150, and the discount rate is 5%. Please find out the optimal rotation interval T*, the volume of timber at T*.
Transcribed Image Text:Suppose you own a stand of fast-growing pines. The growth function of the pines is Q(t) = 10t + t2-0.01t3, where Q(t) is the volume of timber in year t. a) What is the maximum volume of timber this stand of pines can produce? b) Suppose the difference between the timber price and the harvesting cost is $1, the replanting cost is $150, and the discount rate is 5%. Please find out the optimal rotation interval T*, the volume of timber at T*.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
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…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,
SEE MORE TEXTBOOKS