Multiple Choice
A competitive firm uses a single input x to produce its output y.The firm's production function is given by y =x3/2 for quantities of x between 0 and 4.For quantities of a greater than 4, the firm's output is y = 4 + x.If the price of the output y is $1 and the price of the input x is $3, how much x should the firm use to maximize its profit?
A) 16/9
B) 4
C) 0
D) 4/9
E) 9/2
Correct Answer:
Verified
Correct Answer:
Verified
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