Question: government economists in a certain country have determined that the...
Government economists in a certain country have determined that
the demand equation for soybeans is given by
p = f(q) = 125/q^4
where the unit price p is expressed in dollars per bushel and q, the quantity demanded per year, is measured in billions of bushels. The economists are forecasting a harvest of 6 billion bushels for the year. If actual production of bushels were instead 6.2 billion bushels. What is the approximate drop in predicted price in bushels?