Multiple Choice
A competitive firm produces output using three fixed factors and one variable factor.The firm's short-run production function is q = 154x - 5x2, where x is the amount of variable factor used.The price of the output is $2 per unit and the price of the variable factor is $8 per unit.In the short run, how many units of x should the firm use?
A) 15
B) 30
C) 17
D) 7
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q43: The production function is given by f(x)=4x<sup>1/2</sup>.If
Q44: The marginal product of a factor is
Q45: Jiffy-Pol Consultants is paid $1,000,000 for each
Q46: During the height of the pet rock
Q47: If the value of the marginal product
Q48: If the short-run marginal costs of producing
Q49: The weak axiom of profit-maximizing behavior states
Q50: Diesel Dan is a contract truck driver.While
Q51: A competitive firm uses a single input
Q52: The production function is f(x<sub>1</sub>, x<sub>2</sub>)= x<sup>1/2</sup><sub>1</sub>x<sup>1/2</sup><sub>2</sub>.If