Question: need help with this question Short Question 4 (2 points) A profit-maximizing firm produces output using input x. The production function of the firm is

need help with this question

Short Question 4 (2 points) A profit-maximizing firm produces output using input x. The production function of the firm is given by 3x if 0 10 When the price of output is 2 and the price of input x is 3, what is the profit-maximizing amount of input x? Explain briefly. 2

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Exercise #1. A firm produces output using the technology y= -KLi, 1,000 where capital, K, is measured in machine-hours, labor, L, is measured in person-hours, and y denotes the yearly output. The...

Below are the questions Exercise #1. A firm produces output using the technology y = 7 1.000 where capital, K, is measured in machine-hours, labor, L, is measured in person-hours, and y denotes the...

answer allk A firm produces output using the technology y = 1 1,000 KL1 2 , where capital, K, is measured in machine-hours, labor, L, is measured in person-hours, and y denotes the yearly output. The...

answ There are 10 potential entrants into the market for tomatoes. All tomato growers are identical. They face a fixed cost of 500 if they choose to enter the market and then have a marginal cost of...

fkaa There are 3 parts to question it is an article: UK Corporate Governance Code reporting last year, FRC stated that: "Effectively applying the Corporate Governance Code Principles is much more...

All the questions Exercise #1. A firm produces output using the technology y = 7 1.000 where capital, K, is measured in machine-hours, labor, L, is measured in person-hours, and y denotes the yearly...

He lp m eo u tpl e a se : Questions.,, 4. Which of the following will not shift either the demand or supply curve? 3. Changes in production costs b. Changes in consumer tastes c. Changes in the price...

the following Exercise #1. A firm produces output using the technology y =11,000KL12 , where capital, K, is measured in machine-hours, labor, L, is measured in person-hours, and y denotes the yearly...

econmics 4589 (d) [10 pts.] How much extra income must Barb be given in order to compensate her for the increase in the price of good x in part (c)? Explain. Exercise #3. Consider the following...

1. True or False: Suppose a perfectly competitive industry is in long-run equilibrium. An increase in demand will raise the price for the product, but in the long run the price will always return to...

Beth Morgan, controller of Boulder Corporation, is currently preparing the 2011 financial report. She is trying to decide how to classify the following items. 1. Account payable of $170,000 owed to...

In Canada, households with internet spent an average of $410 annually for access. This distribution is non-normal: while roughly 59% of the households have high-speed access, many of the remaining...

Describe the two types of outcome errors one can experience when reaching a conclusion about statistical sampling that contribute to sampling risk. Your answer should include the impact of these...

Lorrymer Information Technology

In Example 4.2 Olaf Motors, Inc., determined that the number of Prius cars sold daily could vary from 0 to 5, with the probabilities given in Table 4.2. Find the expected value and variance for this...

4.20 Forest Green Brown, Inc., produces bags of cypress mulch. The weight in pounds per bag varies, as indicated in the accompanying table. Weight in pounds 44 45 46 47 48 49 50 Proportion of bags...

A contractor is interested in the total cost of a project on which she intends to bid. She estimates that materials will cost $25,000 and that her labor will be $900 per day. If the project takes X...