Is this correct? 5. Doug's DogsIn the short run, the hot dog seller Doug's Dogs has a single varlable input, labor.w = 50(L).The price of the labor input is:P = 100Doug is a price-taker. The price per case of hot dogs is:TPL = 5L½The total product of labor equation is:FC = 1000Doug's total fixed costs are:Find the equations of variable cost, total cost, and marginal cost.a.UC = LiW50LVC =30.L. TC =Uct FCTC =SOL+I00O50 L+100050MC =mc= dTC_ 60dl%3Db.Find the profit-maximizing output, revenue, cost, and profit.TPL= 5L2=QP=100Q =5L"2vaQ* =25TR=P.Q作2sR= LU0 25-2500 R*= _ soC* = a2sO100 (SL V2)(R=2500C= 50 (25)+1000laso+1000(2250%3DCTR= 500 LN = TR-TCn*= _a50soO L"& -(50L +1600)ア-TR-TCSOOL2-SOL -10002.2 S00 -22so -280250ンdimeactPockets and stay-puProngs lor secure paperPocket for inder cards and m

5. Doug's Dogs (L). In the short run, the hot dog seller Doug's Dogs has a single variable input, laho- w = 50 The price of the labor input is: P = 100 Doug is a price-taker. The price per case of hot dogs is: The total product of labor equation is: TPL = 5L½ Doug's total fixed costs are: FC = 1000 a. Find the equations of variable cost, total cost, and marginal cost. UC= L.W 30.L VC = 50L . TC =Uct FC TC = SOL+100o 50 L+1000 50 MC = mc= 60 dl b. Find the profit-maximizing output, revenue, cost, and profit. TPL= 6LV2=Q Q=5 L"a Va SLASS G= as P=100 Q* = 25 TR=P.Q R= LU0 · a 5-2500 R*= S00 (R=2500 C= 50 (25)+1000 100 (SL 2) C* = 22SO TR= 500 L Y=TR-TC n*=_a50 laso+i000 S0OL"&-(50L+1600) SOOLM2-SOL-1006 TTR-TC 2 S00 -22s0 -280 ATT 250 -50 =0 5)2

5. Doug's Dogs (L). In the short run, the hot dog seller Doug's Dogs has a single variable input, laho- w = 50 The price of the labor input is: P = 100 Doug is a price-taker. The price per case of hot dogs is: The total product of labor equation is: TPL = 5L½ Doug's total fixed costs are: FC = 1000 a. Find the equations of variable cost, total cost, and marginal cost. UC= L.W 30.L VC = 50L . TC =Uct FC TC = SOL+100o 50 L+1000 50 MC = mc= 60 dl b. Find the profit-maximizing output, revenue, cost, and profit. TPL= 6LV2=Q Q=5 L"a Va SLASS G= as P=100 Q* = 25 TR=P.Q R= LU0 · a 5-2500 R= S00 (R=2500 C= 50 (25)+1000 100 (SL 2) C = 22SO TR= 500 L Y=TR-TC n*=_a50 laso+i000 S0OL"&-(50L+1600) SOOLM2-SOL-1006 TTR-TC 2 S00 -22s0 -280 ATT 250 -50 =0 5)2

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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