The food and feed demand curves used in the Application "Summing the Corn Demand Curves," were estimated by McPhail and Babcock (2012) to be Qfood = 1,487-22.1p and Qfeed = 6,247.5-226.7p, respectively, where Q is measured in billions of bushels of corn per year. Mathematically derive the total demand curve, which the application's figure illustrates. (Hint: Remember that the demand curve for feed is zero at prices above about $27.56 per bushel.) The total demand curve is (enter your responses rounded to one decimal place): Q=-p for p≥ $27.56 per bushel and Q = -p for p <$27.56 per bushel.

The food and feed demand curves used in the Application "Summing the Corn Demand Curves," were estimated by McPhail and Babcock (2012) to be Qfood = 1,487-22.1p and Qfeed = 6,247.5-226.7p, respectively, where Q is measured in billions of bushels of corn per year. Mathematically derive the total demand curve, which the application's figure illustrates. (Hint: Remember that the demand curve for feed is zero at prices above about $27.56 per bushel.) The total demand curve is (enter your responses rounded to one decimal place): Q=-p for p≥ $27.56 per bushel and Q = -p for p <$27.56 per bushel.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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