> Consider this total product function with a single variable input, labor (L) per day: TPL = Q(L) = 10L½ %3D > The wage (price) of labor is W = 500 per day. a. Solve the total product function for L as a function of Q. L = QLL) = 1OL"2 %3D %3D a. Derive the equation of variable cost, VC(Q). Then write the equations of AVC and MC. VC = AVC = MC = b. Graph: VC MC AVC

> Consider this total product function with a single variable input, labor (L) per day: TPL = Q(L) = 10L½ %3D > The wage (price) of labor is W = 500 per day. a. Solve the total product function for L as a function of Q. L = QLL) = 1OL"2 %3D %3D a. Derive the equation of variable cost, VC(Q). Then write the equations of AVC and MC. VC = AVC = MC = b. Graph: VC MC AVC

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The table below shows the costs incurred at Polly's potato farm. Complete the table. >>>Answer to 2 decimal places. L 0 1 2 3 4 4000-60 2017 0-0000-0000-0000 TP TVG TC 0 0 70 32 92 212 292 30 60 90 130 AFC 120 190 2.19 160 0.33 AVC ATC 0.94 3.13 0.65 1.41 0.24 0.41 0.75 MC 0.94 0.50 0.25
Please see attachment and table given in it .n solve part b asap within 40min. Will give you multiple upvotes only for the correct answer. Thank you