Production and Costs Analysis• The cost of land is L.E20 per square meter.• The interest rate on capital is 10%.Fill in the missing parts in the following tables to illustrate thebehavior of production and costs in the short-run; thendetermine the optimal level of production according to thenumber of inputs you are intending to use.• The average wages per unit of labor is L.E1500.GodspeedAshraf HelmyThe production function of the firmEnd of document IOutputUnitsLandСapitalEgyptian PoundsLaborSquare MetersUnits10001600210025002600OutputFCVCTCMCLMPLAVCAFCATC10001600210025002600Hint:• Consider land and capital as fixed factors, while laborunits as variable factors.

Capital is a fixed factor. A fixed amount is assumed to be invested, the interest on which is…

Production and Costs Analysis Fill in the missing parts in the following tables to illustrate the behavior of production and costs in the short-run; then determine the optimal level of production according to the number of inputs you are intending to use. The production function of the firm Output Units 0 Land Square Meters Output 0 1000 -- 1600 2100 2500 2600 FC 1000 1600 2100 2500 2600 VC TC Capital Egyptian Pounds MCL MP AVC Labor Units AFC ATC • The cost of land is L.E20 per square meter. • The interest rate on capital is 10%. • The average wages per unit of labor is L.E1500. Godspeed Ashraf Helmy End of document

Production and Costs Analysis Fill in the missing parts in the following tables to illustrate the behavior of production and costs in the short-run; then determine the optimal level of production according to the number of inputs you are intending to use. The production function of the firm Output Units 0 Land Square Meters Output 0 1000 -- 1600 2100 2500 2600 FC 1000 1600 2100 2500 2600 VC TC Capital Egyptian Pounds MCL MP AVC Labor Units AFC ATC • The cost of land is L.E20 per square meter. • The interest rate on capital is 10%. • The average wages per unit of labor is L.E1500. Godspeed Ashraf Helmy End of document

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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