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An orange farmer must decide how many apples to harvest for the world orange market. He knows that there is a one-third probability that the world price will be $1, a one-third probability that it will be $1.5, and a one-third probability that it will be $2. His cost function is C(Q) = 0.01Q2. The expected profit maximizing quantity is:

A) 7.
B) 28.
C) 75.
D) 90.
E) 150.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M955045

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