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Time left 0:57:25 Question 2 Not yet answered Marked out of 5.00 PFlag question A firm in the Caribbean produces a product using a single input in its production function. The function is given as f(x) = 8x1/2, where x is the number of units of input. The sale price of the product is $150 per item and the input costs $75 per unit. - What is the profit-maximizing ambunt of input and its resulting maximum profit? Select one: O a. (x=16, max π= $3,600) O b. None of the above Oc. (x=9, max π=$2,925) O d. (x=64, max π=$4,800) Previous page Next page

Time left 0:57:25 Question 2 Not yet answered Marked out of 5.00 PFlag question A firm in the Caribbean produces a product using a single input in its production function. The function is given as f(x) = 8x1/2, where x is the number of units of input. The sale price of the product is $150 per item and the input costs $75 per unit. - What is the profit-maximizing ambunt of input and its resulting maximum profit? Select one: O a. (x=16, max π= $3,600) O b. None of the above Oc. (x=9, max π=$2,925) O d. (x=64, max π=$4,800) Previous page Next page

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 38CTQ: Do you think that the taxicab industry in large cities would be subject to significant economies of...
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Time left 0:57:25 Question 2 Not yet answered Marked out of 5.00 PFlag question A firm in the Caribbean produces a product using a single input in its production function. The function is given as f(x) = 8x1/2, where x is the number of units of input. The sale price of the product is $150 per item and the input costs $75 per unit. - What is the profit-maximizing ambunt of input and its resulting maximum profit? Select one: O a. (x=16, max π= $3,600) O b. None of the above Oc. (x=9, max π=$2,925) O d. (x=64, max π=$4,800) Previous page Next page
Transcribed Image Text:Time left 0:57:25 Question 2 Not yet answered Marked out of 5.00 PFlag question A firm in the Caribbean produces a product using a single input in its production function. The function is given as f(x) = 8x1/2, where x is the number of units of input. The sale price of the product is $150 per item and the input costs $75 per unit. - What is the profit-maximizing ambunt of input and its resulting maximum profit? Select one: O a. (x=16, max π= $3,600) O b. None of the above Oc. (x=9, max π=$2,925) O d. (x=64, max π=$4,800) Previous page Next page
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