Question: The demand for yams is given in Problem 14. (a) At a price of $2 per pound, what is the total revenue for the yam

The demand for yams is given in Problem 14.
(a) At a price of $2 per pound, what is the total revenue for the yam farmer?
(b) Write revenue as a function of price, and then find the price that maximizes revenue.
(c) What quantity is sold at the price you found in part (b), and what is the total revenue?
(d) Show that E = 1 at the price you found in part (b).

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a At a price of 2pound the quantity sold is q 5000 102 2 5000 40 4960 so the total revenue is R pq 2 ... View full answer

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