Under pure competition, the market price of an output is $3. The output schedule of a firm using input X is listed in the table. If the price of input X is $12, how many units of input X will the firm employ to maximize profits? $\begin{array} { | c | c | }
\hline \text { Units of X } & \begin{array} { c }
\text { Mrringl } \
\text { Product }
\end{array} \
\hline 1 & 10.0 \
\hline 2 & 9.9 \
\hline 3 & 8.8 \
\hline 4 & 7.7 \
\hline 5 & 6.6 \
\hline 6 & 5.5 \
\hline 7 & 4.4 \
\hline 8 & 3.3 \
\hline 9 & 2.2 \
\hline
\end{array}$
A) 4
B) 5
C) 7
D) 9

Question

Under pure competition, the market price of an output is $3. The output schedule of a firm using input X is listed in the table. If the price of input X is $12, how many units of input X will the firm employ to maximize profits? $\begin{array} { | c | c | } 
\hline \text { Units of X } & \begin{array} { c } 
\text { Mrringl } \
\text { Product }
\end{array} \
\hline 1 & 10.0 \
\hline 2 & 9.9 \
\hline 3 & 8.8 \
\hline 4 & 7.7 \
\hline 5 & 6.6 \
\hline 6 & 5.5 \
\hline 7 & 4.4 \
\hline 8 & 3.3 \
\hline 9 & 2.2 \
\hline
\end{array}$
A) 4
B) 5
C) 7
D) 9

Quizplus · Accepted Answer

The Answer of Under pure competition, the market price of an output is $3. The output schedule of a firm using input X is listed in the table. If the price of input X is $12, how many units of input X will the firm employ to maximize profits? $\begin{array} { | c | c | } 
\hline \text { Units of X } & \begin{array} { c } 
\text { Mrringl } \
\text { Product }
\end{array} \
\hline 1 & 10.0 \
\hline 2 & 9.9 \
\hline 3 & 8.8 \
\hline 4 & 7.7 \
\hline 5 & 6.6 \
\hline 6 & 5.5 \
\hline 7 & 4.4 \
\hline 8 & 3.3 \
\hline 9 & 2.2 \
\hline
\end{array}$
A) 4
B) 5
C) 7
D) 9

Under Pure Competition, the Market Price of an Output Is