A competitive firm has a short run production function given by Y=305x-2x2 (2x squared). The price of output is $2 per unit and the price of x is $10 per unit. Then the firm should use 150 units of x to maximize profits.© BrainMass Inc. brainmass.com July 21, 2018, 7:31 pm ad1c9bdddf
For profit maximization, We have the condition
Marginal Revenue Product (MRP)= ...
Contextualize profit maximization are determined. The firms for maximized profits are determined.