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

question 17

Multiple Choice

A profit-maximizing competitive firm uses just one input, x.Its production function is q = 4x^1/2.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:

Automated Stores

Retail outlets that operate automatically without the need for human staff, relying on technology like vending machines and kiosks for customer transactions.

Retail Life Cycle

The process of evolution that retail outlets go through, mirroring the stages of the product life cycle, including introduction, growth, maturity, and decline stages.

Early Growth

The phase in a company or economy's development characterized by rapid expansion and an increase in market share.

Retail Life Cycle

Retail Life Cycle is a concept describing the stages of growth and decline that retail formats or individual retail businesses experience over time.