Question

Determine what type of model best fits the given situation: Farmer Joe has 1,000 bushels of corn to sell. Presently the market price for corn is $5.00 a bushel. He expects the market price to increase by $0.15 per week. For each week he waits to sell, he loses ten bushels due to spoilage.

Answer 1

Answer:

C. Quadratic model

Step-by-step explanation:

Determine what type of model best fits the given situation: Farmer Joe has 1,000 bushels of corn to sell. Presently the market price for corn is $5.00 a bushel. He expects the market price to increase by $0.15 per week. For each week he waits to sell, he loses ten bushels due to spoilage. A. none of these B. exponential C. quadratic D. linear

Given:

The quantity of corn Farmer Joe has to sell = 1,000 bushels

The present market price for corn = $5.00 a bushel

The amount by which he expects the market price to rise per week =$0.15

The number of bushels lost to spoilage per week = 10

The price of the corn per bushel with time = 5 + 0.15×t

The amount of corn left with time= 1000 - 10×t

Where;

t = Time in minutes

Value of the corn = Amount of corn left × Price of corn

Value of the corn = (1000 - 10×t) × (5 + 0.15×t)

=(1000-10t) × (5+0.15t)

=5,000 + 150t - 50t - 1.5t²

= -1.5t² +100t + 5000

Value of the corn= -1.5t² +100t + 5000.

It is a quadratic model