An 8-billion-bushel corn crop brings a price of $2.40/bushel. A commodity broker uses the rule of thumb:
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An 8-billion-bushel corn crop brings a price of $2.40/bushel. A commodity broker uses the rule of thumb: If the crop is reduced by x percent, then the price increases by 10x cents. Which crop size results in maximum revenue and what is the price per bushel? Hint: Revenue is equal to price times crop size.
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Let x denote the percentage reduction in crop size Then the price for corn is 240 0...View the full answer
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