Question: Use the solution to the cost minimization problem to solve the profit maximization problem of this firm, assuming that the firm operates in a perfectly

Use the solution to the cost minimization problem to solve the profit maximization problem of this firm, assuming that the firm operates in a perfectly competitive market and the market price of the output sold is labeledp. Then do the following:

IfA = 5, r = 4, w = 9, F = 30and the market price isp = 24, determine this firm's profits *.

A. 50 B. 270 C. 20 D. 0

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