1 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 x 2 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

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1.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

1.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.

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