Concentrate on the following production function: 10KL Q K+L Suppose w = Php 1, r = Php 4, and K = 4 units in the short run. Determine which of the functions best define/describe the following short-run concepts: Short-run Total Cost (SRTC), Short-run Average Total Cost (SRATC), Short-run Variable Cost (SRVC), Short-run Average Variable Cost (SRAVC), and, Short-run Marginal Cost (SRMC). (Only answer in abbr. example, SRATC or SRMC). 4Q 1. 40-Q 4Q 2. +16 40-Q 16 3.40¹ +10 160 4. (40-Q)³
Concentrate on the following production function: 10KL Q K+L Suppose w = Php 1, r = Php 4, and K = 4 units in the short run. Determine which of the functions best define/describe the following short-run concepts: Short-run Total Cost (SRTC), Short-run Average Total Cost (SRATC), Short-run Variable Cost (SRVC), Short-run Average Variable Cost (SRAVC), and, Short-run Marginal Cost (SRMC). (Only answer in abbr. example, SRATC or SRMC). 4Q 1. 40-Q 4Q 2. +16 40-Q 16 3.40¹ +10 160 4. (40-Q)³
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 3SQP
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ECONOMICS
![Concentrate on the following production function:
10KL
K+L
Suppose w = Php 1, r = Php 4, and K = 4 units in the short run.
Determine which of the functions best define/describe the following short-run concepts: Short-run Total Cost (SRTC), Short-run Average Total
Cost (SRATC), Short-run Variable Cost (SRVC), Short-run Average Variable Cost (SRAVC), and, Short-run Marginal Cost (SRMC). (Only answer
in abbr. example, SRATC or SRMC).
4Q
1.
40-Q
4Q
2.
+16
40-Q
16
+
40-Q
160
(40-Q)²
3.
4.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F10f8a75b-dc28-4f3a-9856-7a4384d2c1e0%2Fb8a2a820-9ee0-44e4-98bd-e5b8e06279f1%2Fpg9l77l_processed.png&w=3840&q=75)
Transcribed Image Text:Concentrate on the following production function:
10KL
K+L
Suppose w = Php 1, r = Php 4, and K = 4 units in the short run.
Determine which of the functions best define/describe the following short-run concepts: Short-run Total Cost (SRTC), Short-run Average Total
Cost (SRATC), Short-run Variable Cost (SRVC), Short-run Average Variable Cost (SRAVC), and, Short-run Marginal Cost (SRMC). (Only answer
in abbr. example, SRATC or SRMC).
4Q
1.
40-Q
4Q
2.
+16
40-Q
16
+
40-Q
160
(40-Q)²
3.
4.
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