An Apple Farmer Must Decide How Many Apples to Harvest

question 126

Multiple Choice

An apple farmer must decide how many apples to harvest for the world apple market.He knows that there is a one-third probability that the world price will be $1,a one-third probability that it will be $1.50,and a one-third probability that it will be $2.His cost function is C(Q) = 0.01Q².The expected profit-maximizing quantity is:

• A) 0.
• B) 90.
• C) 75.
• D) 150.

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