The profit-maximizing output for your firm is 5.
Competitive Market: When there are numerous producers striving to offer consumers the goods and services they require, that market is said to be competitive. No one producer or consumer can control the market in a competitive one. The five traits of profit, diminishability, rivalry, excludability, and rejectability are shared by all competitive markets.
Cost Function: The functional relationship between cost and output is referred to as the "cost function." It examines the cost behaviour at various output levels under the assumption of constant technology. It can be stated as follows: C = f(Q) (where Q = Quantum of output and C = Cost of production).
Profit-maximizing Output: When the value of the final unit of production (marginal revenue) equals the cost of generating the final unit of production, a manager optimises profit (marginal cost). Maximum profit is the output at which MC and MR are equal.
To learn more about Profit-maximizing Output, visit the following link:
https://brainly.com/question/28177975
#SPJ4
