In the 1930s a prominent economist devised the following demand function for
p = 6,570,000 /q1.3
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 15,000 bushels of corn per year must be sold.
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(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 = ____ $
(b) How much corn can farmers sell per year at that price?
q = ____ bushels per year
(c) What will be the farmers’ resulting revenue? (Round to the nearest cent.)
$_______ per year