The Inverse Demand Function for Soybeans Is P = 30,000

question 34

Multiple Choice

The inverse demand function for soybeans is p = 30,000 - 6q.Total revenue in this market will be maximized when the quantity of soybeans produced is

• A)3,611 bushels.
• B)5,000 bushels.
• C)1,250 bushels.
• D)2,500 bushels.
• E)none of the above.

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Definitions:

Cost of Goods Sold

The immediate financial costs tied to the manufacture of goods a company sells, including labor and materials.

Merchandise Inventory

Goods or products that a company holds for the purpose of selling to customers in the ordinary course of business.

Damaged Goods

Items that are physically harmed and are reduced in value, typically making them unsellable at full price.

Consigned Goods

Items given to a third party to sell, but ownership remains with the sender until sold.