A Firm Uses a Single Input to Produce Its Output

question 8

Multiple Choice

A firm uses a single input to produce its output, which is sold in a competitive market. It gets quantity discounts on purchases of its input. If it buys x units of the input, the price it must pay per unit of input is + 3. If it buys no inputs, it doesn't have to pay anything. The firm's production function is f(x) = 45x - x². If the price of the firm's output is 1, the profit-maximizing amount of input to buy is

• A) 21.
• B) 0.
• C) 42.
• D) 31.50.
• E) None of the above.

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Definitions:

Workplace Stereotypes

are oversimplified and widely held beliefs about specific types of individuals or certain jobs within the workplace.

Age

The length of time that an individual has existed or a specific entity has been in existence.

Gender

The variety of traits related to, and distinguishing between, masculine and feminine qualities.

Ethnicity

Ethnicity refers to the shared cultural, linguistic, or ancestral traits that group people together, differentiating them from other groups.