A Certain Country's Government Economists Have Determined That the Demand

question 24

Short Answer

A certain country's government economists have determined that the demand equation for soybeans in that country is given by , where p is expressed in dollars/bushel and x, the quantity demanded each year, is measured in billions of bushels. The economists are forecasting a harvest of 1.8 billion bushels for the year, with a maximum error of 15% in their forecast. Determine the corresponding maximum error in the predicted price per bushel of soybeans. Round the answer to the nearest percent. __________%

---

Definitions:

Office Supplies

Various products and equipment regularly used in offices, such as paper, pens, computers, and desks.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision.

Attractive Offer

a proposition by a seller that is designed to lure customers, often featuring discounts, exclusive items, or limited-time promotions.

Bookkeeper

A person responsible for recording the financial transactions and maintaining the financial records of a business.