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In my paper about climate change and grape growers’ revenue/profit in the European Union (see PPT...

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Economics

In my paper about climate change and grape growers’revenue/profit in the European Union (see PPT file) I specify alog-linear equation and find that
ln (%) = 0.221 ∙ -./0 − 0.006 ∙ -./0! + ⋯ , where Temp ismeasured in oC.
a) Based on these coefficients, calculate theprofit maximizing temperature (which may be slightly different fromwhat is provided in the Table due to rounding). Provide a precisenumber with 3 decimals!
b) Now assume I had used a linear equation and had found thesame coefficients, that is
%=0.221∙-./0− 0.006∙-./0! +⋯.
What is the profit maximizing temperature now?
c) Based of the original log-linear equation ln(%) = 0.221 ∙-./0 − 0.006 ∙ -./0! + ⋯, what is the profit % if a plot of landexperiences a (growing season) temperature of 24oC. What is theprofit if temperatures increase to 26oC? What is the percentagedecrease in profits?

Answer & Explanation Solved by verified expert
3.9 Ratings (429 Votes)
a In 0221Temp 0006Temp2Hence is never equal to zeroTo maximize Profit we need ddTemp 0Differentiating the equation wrt Temp on both sides and ignoringterms with powers 3 and    See Answer
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