Calculate the profit-maximizing amount of input

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A firm uses a single input to produce its output which is sold in a competitive market. The price of the input is $4. The firm's production function is f(x) = 60x - x2 and the price of its output is $1.

a. Calculate the profit-maximizing amount of input that the firm will buy?

b. Calculate the firm's total profits assuming that is has fixed costs of $100.

Reference no: EM132511669

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