A profit-maximizing competitive firm uses just one input, x. Its production function is q 2x2, Marginal product MP is x2. The price of output is $16 and the factor price is $8. The amount of the factor that demands is O 24 O None of the above O16 O 64
A profit-maximizing competitive firm uses just one input, x. Its production function is q 2x2, Marginal product MP is x2. The price of output is $16 and the factor price is $8. The amount of the factor that demands is O 24 O None of the above O16 O 64
Chapter10: Cost Functions
Section: Chapter Questions
Problem 10.7P
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![A profit-maximizing competitive firm uses just one input, x. Its production function is q = 2x2, Marginal
product MP is x12. The price of output is $16 and the factor price is $8. The amount of the factor that the firm
demands is
24
O None of the above
16
4
64](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F50ea150f-1d61-4798-a390-0316540a92b9%2Fc1ce03a4-b604-482f-b886-c7323ab105de%2Fgagd9vq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A profit-maximizing competitive firm uses just one input, x. Its production function is q = 2x2, Marginal
product MP is x12. The price of output is $16 and the factor price is $8. The amount of the factor that the firm
demands is
24
O None of the above
16
4
64
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