A Profit-Maximizing Competitive Firm Uses Just One Input, X

question 3

Multiple Choice

A profit-maximizing competitive firm uses just one input, x. Its production function is q = 4 . The price of output is $12 and the factor price is $3. The amount of the factor that the firm demands is

• A)64
• B)16
• C)60
• D)8
• E) None of the above.

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Definitions:

Rot In Transit

Refers to the deterioration or spoiling of goods, especially perishable items, while being transported from one location to another.

Warehouse Receipt

A document certifying the storage of goods in a warehouse, serving as proof of ownership or a means to transfer ownership.

Irrigation Pumps

mechanical devices used to move water from one location to another for the purpose of agricultural irrigation.

Risk Of Loss

The potential that an investment's value will decrease, leading to a financial loss for the investor or owner.