The demand for yams is given by q = 5000 – 40p², where 9 is in pounds of yams and is the price of a pound of yams. (a) At a price of $5 per pound, what is the total revenue for the yam farmer? The total revenue for the yam farmer is $ (b) Write revenue as a function of price, and then find the price that maximizes revenue.

The demand for yams is given by q = 5000 – 40p², where 9 is in pounds of yams and is the price of a pound of yams. (a) At a price of $5 per pound, what is the total revenue for the yam farmer? The total revenue for the yam farmer is $ (b) Write revenue as a function of price, and then find the price that maximizes revenue.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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