1) Suppose a firm has a production function given by Q = L^1/2K^1/2. Therefore,

The firm can purchase labor, L at a price w = 15, and capital, K at a price of r = 60. a) What is the firm's Total Cost function, TC(Q)? b) What is the firm's marginal cost of production?

2)Calculate the missing values in the following table. Missing values are denoted by a number inside a bracket [X]. Place your answers in the corresponding numbered fields below the table.

Quantity FC VC TC AFC AVC ATC MC 0 90 0 [1] 1 [2] [3] 120 [4] [5] [6] [7] 2 [8] [9] [10] [11] 25 [12] [13] 3 [14] [15] [16] [17] [18] [19] 10