Assume the production function for your pizzeria is below, with wages being $15 per hour and rental rates of capital being $20 per hour. In the short run, you use 10 pizza ovens: Q = 6KL a. What is your short-run total cost function? What is the short-run total cost of producing 500 pizzas? b. What are your short-run average total cost, average fixed, cost, average variable cost, and marginal cost functions? c. What is the long-run total cost function for your firm? What is the long-run total cost of producing 500 pizzas?

Assume the production function for your pizzeria is below, with wages being $15 per hour and rental rates of capital being $20 per hour. In the short run, you use 10 pizza ovens: Q = 6KL a. What is your short-run total cost function? What is the short-run total cost of producing 500 pizzas? b. What are your short-run average total cost, average fixed, cost, average variable cost, and marginal cost functions? c. What is the long-run total cost function for your firm? What is the long-run total cost of producing 500 pizzas?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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