10 50 4. Let the production function for thingamajigs be Q-L K1/10 (this is the square root of L multiplied by the square root of K), the wage of labor be $20 and the price of capital be $80. In the short run, the amount of capital is fixed at K-400. Complete the following short run cost table for this firm (on your own paper, not this sheet!). Quantity Labor 100 Total Fixed Cost Average Fixed Cost Total Variable Cost Average Variable Cost Total Cost Average Total Cost

10 50 4. Let the production function for thingamajigs be Q-L K1/10 (this is the square root of L multiplied by the square root of K), the wage of labor be $20 and the price of capital be $80. In the short run, the amount of capital is fixed at K-400. Complete the following short run cost table for this firm (on your own paper, not this sheet!). Quantity Labor 100 Total Fixed Cost Average Fixed Cost Total Variable Cost Average Variable Cost Total Cost Average Total Cost

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 1/Answer by True or False for the following statements Loft command is used to create a 3D solid or surface in the space between .several cross sections True False محو التحدید The left-hand rule state that the user thumbs represent the X-axis and the .index represent the Y-axis True False محو التحدید
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Revenue and Costs ($) TC P61 Given TFC = $40.00 Q1 = 30.00 Q2 = 40.00 TR P6 P5 Q3 = 50.00 Q4 = 80.00 Q5 = 86.00 P4. P1 = $40.00 P2 = $50.00 P3 = $60.0o P4 = $150.00 P5 = $200.00 P6 = $210.00 P61 = $320.00 P3 P2 P1 Q1 Q2 Q4 Q5 Q3 Exhibit TR-TC Output (Q) Refer to Exhibit TR-TC for a typical competitive firm. At an output level of Q5, the firm's losses is about O $100.00 O $90.00 O $110.00 O $120.00