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FORECASTING COMMODITY PRICES 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 per 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.
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Applied Calculus for the Managerial, Life, and Social Sciences (MindTap Course List)
- Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:CengageCollege Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage Learning