A Competitive Firm Produces Its Output According to the Production

question 5

Multiple Choice

A competitive firm produces its output according to the production function y = min{x3, 1000}.Let p be the price of output, and let the price of input x be $1.The profit maximizing output for this firm is

• A)1,000 if p > 1 and 0 otherwise.
• B)10 for all p.
• C)1,000 for all p.
• D)0 if p < 1/100 and 1,000 otherwise.
• E)None of the above.

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