The supply equation for a certain brand of radio 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.

A) 14%
B) 7%
C) 61%
D) 12%
E) 24%

Question

The supply equation for a certain brand of radio 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.
​
A) 14% 
B) 7% 
C) 61% 
D) 12% 
E) 24%

Quizplus · Accepted Answer

The Answer is E

The Supply Equation for a Certain Brand of Radio Is