A Competitive Firm Produces Its Output According to the Production

question 11

Multiple Choice

A competitive firm produces its output according to the production function y = min{x2, 100}. Let w be the price of the factor x, and let the price of output be $1.The demand for x, when the price of x is w, is

• A) 10 when w < 1 and 100 otherwise.
• B) 100 for all w.
• C) 10 for all w.
• D) 0 if w > 10 and 10 otherwise.
• E) None of the above.

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A company involved in the development, production, and marketing of pharmaceutical drugs and medications.

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