A competitive firm uses a single input x to produce its output y. The firm's production function is given by y = 
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?
Definitions:
Q3: If two assets have the same expected
Q12: In a certain city, the demand function
Q19: A monopolist produces a good using only
Q23: Miron Floren, of Lawrence Welk Show fame,
Q25: Charlie can work as many hours as
Q33: Willy's only source of wealth is his
Q43: A firm has the short-run total cost
Q48: In Baggs, Wyoming, cattle can be produced
Q84: Ed has 100 tons of manure. The
Q95: In Gas Pump, South Dakota, every Buick