The Inverse Demand Function for Soybeans Is P = 68,000

question 30

Multiple Choice

The inverse demand function for soybeans is p = 68,000 - 5q. Total revenue in this market will be maximized when the quantity of soybeans produced is

• A) 3,400 bushels.
• B) 7,911 bushels.
• C) 6,800 bushels.
• D) 13,600 bushels.
• E) none of the above.

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Definitions:

Controlling in Organisations

The management function concerned with monitoring activities to ensure they are being completed as planned and correcting any significant deviations.

One-Time Activities

Tasks or events that are intended to be done or occur only once within a given timeframe.

Beginning and End Points

The start and completion points in a process, project, or timeline.

Project Management

The process of planning, organizing, and overseeing the work of a team to achieve specific goals within defined parameters of time, budget, and quality.