> 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
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.7P
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Im not sure how to get started or how w=500 plays a role
![> 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) = 10L"a
%3D
a. Derive the equation of variable cost, VC(Q). Then write the equations of AVC and MC.
VC =
AVC =
MC =
b. Graph:
VC
Q
MC
AVC](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe62e9d48-7cde-47ae-8426-f52fc15cfc40%2F746f0360-26d0-47f0-ab7f-d64a6bc9ff40%2Fjjew53j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:> 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) = 10L"a
%3D
a. Derive the equation of variable cost, VC(Q). Then write the equations of AVC and MC.
VC =
AVC =
MC =
b. Graph:
VC
Q
MC
AVC
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