A firm engaged in the manufacture of RTWS faces the short-run production function Q = 250L - 5L², where L is the number of units of labor and Q is the number of RTWs produced annually.  d.) How many RTWS can be produced by the firm in a year if there are 10 units of labor?  e.) Compute the marginal product of the 40th unit of labor.  f.) How many RTWs can be produced by the firm in a year if there are 40 units of labor?  g.) Sketch the graph of the production function.

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.