economics question please hel;p me

timer Asked: Mar 14th, 2016

Question description

 A competitive firm has the following production function: :;(<)400<60<66<?                   Where y = output, x = input. The firm faces an output price of P = 10 and an input                                

 price of W = 5440. 

 i)  Write a profit function of this firm in terms of output and input prices and the  

 input level.  

 ii)   What is the profit maximizing level of input for this firm? Verify that the input      

 level you choose is the profit maximizing point. 

 iii)  Find the marginal product (MPx) of the variable input. 

 iv)  Verify that P(MPx) = W at the profit maximizing input level

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