Business, 06.08.2021 19:30 brummy309506

A cooperative engaged in cotton production hires you as a consultant to advice them whether members should cut their production of cotton in half next year. The cooperative wants your advice as to whether this action will increase the revenue of the members. Knowing that cotton [C] and soybeans [S] both compete for agricultural land in the South, you estimate the demand for cotton to be C = 7.0 - 2.0CP + 0.5SP + 1.0Y, where CP is the price of cotton, SP the price of soybeans, and Y income. Should you support or oppose the plan? Is there any additional information that would help you to provide a definitive answer?

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