What input combination will maximize output

Reference no: EM131481788

Question: 1. A firm faces the demand schedule p = 400 - 0.25q the marginal revenue schedule MR = 400 - 0.5q and the marginal cost schedule MC = 0.3q. What price will maximize profit?

2. A firm buys the three inputs K, L and R at prices per unit of £10, £5 and £3 respectively. The marginal product functions of these three inputs are

MP_K = 150 - 4K

MP_L = 72 - 2L

MP_R = 34 - R

What input combination will maximize output if the firm's budget is fixed at £285?

Reference no: EM131481788

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