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Assume ZCorp has the following short run production function:

Q = 500X - 2X2

where X is the only variable input used by ZCorp to product its product, Q.

Because ZCorp sells its product in a perfectly competitive market, it can sell all the Q it produces for $25. The current market price for input X is $100. How many units of X will ZCorp buy?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9493284

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