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

question 68

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.
__________%

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Definitions:

Zone of Proximal Development

A concept developed by Lev Vygotsky referring to the difference between what a learner can do without help and what they can achieve with guidance and encouragement from a skilled partner.

Horizontal Décalage

The concept in developmental psychology indicating variations in a child's understanding and application of knowledge across different domains or tasks.

Bio-social-behavioral Shift

A change in biological, social, and behavioral aspects of an individual, often associated with development or adaptation to environments.

Cognitive Activity

The mental processes involved in gaining knowledge and comprehension, including thinking, knowing, remembering, and problem-solving.