An Apple Farmer Must Decide How Many Apples to Harvest

question 43

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 farmer's maximum expected profit is:

• A) −$7.75.
• B) $0.
• C) $7.75.
• D) None of the answers are correct.

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