Question: firm has short run production function q = 10L. Wage rate is 10 $ per 1 unit labor find firms marginal cost, variable cost, and

firm has short run production function q = 10L. Wage rate is 10 $ per 1 unit labor

find firms marginal cost, variable cost, and average variable cost

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

The following production grid shows the relationship between capital and labor inputs and the output that can be produced by a firm. Capital Labor 0 1 2 3 4 5 6 7 8 0 0 1 3 6 8 10 12 13 13 1 1 10 30...

Q:

Based on this information use Excel Charts to do the following: (a) Set up an isoquant map with isoquants representing output levels of 10, 105, and 410 units of output. (b) Set up a diagram showing...

Q:

1. Both Smith Co and Jones Inc. sell widgets. Smith Co's sales last month equaled 1000 units and it charged a price of $2. This month Jones Inc. reduced the price it sells its brand of widgets from...

Q:

Dr. Shilongo, an award winning maize farmer operates in a perfect competitive market has a short run production function q = f(1, k) = k1/3|1/3, where w = $3 is the cost of variable factor labour (I)...

Q:

A.) A chair manufacturer hires its assembly-line labor for $30 an hour and calculates that the rental cost of its machinery is $15 per hour. Suppose that a chair can be produced using 4 hours of...

Q:

Deriving the short run supply curve 6. Deriving the short-run supply curve The following graph plots the marginal cost (MC) curve, average total cost (ATC) curve, and average variable cost (AVC)...

Q:

Exercise 1 A firm is faced following production function: q = K5L5 (which is the same as: q = \\/K\\/L). The price of K and L are respectively r= 90 and w = 10. A firm is producing in a good in the...

Q:

Explainthese attachments. Question 1 (total 15 points). A firm has a production function:f (K, Z) = 50LK05 + L2 K2 - 13 K3 a. What is its short-run production function if capital is fixed at K=4? b....

Q:

Buinesss The statistics from tradingeconomics.com (based on Statistics Canada numbers) below show the change in Canada's real GDP (first graph) and inflation rate (second graph). The yellowish bars...

Q:

AEC 311 Assignment 5 Name: - 40 points max - 6 analytical questions: 25 points altogether - 5 multiple choice; 3 points each I On analytical questions, points may be deducted if you get the correct...

Q:

What is a reference price? What is the concern with reference prices?

Q:

Below you will find some common scenarios you would encounter as a Fund Administrator. To the best of your ability, read each problem and fill in the T-Account table for the corresponding debit and...

Q:

Which of the following is included in conversion costs? Direct materials Sales commissions Directibor and manufacturing overhead Marketing and distribution costs

Q:

i. Find=? x=t2 +3 and y 16t2 ii. Find = ? atx y = (1+ cos*t) and x = (1- sin*t)

Q:

The content of salt in sweat can be measured by finding the molar concentration of chloride with the use of titration. By analysis of 0,20 cm' sweat you find out the end point (equivalence point)...

Q:

Write three modifications on CSMA/CD make it produce better throughput than ALOHA. In brief explain each point.

Q:

Let A and Ba random variables wit the following information: E[A]=5, E[A?J=41 E[B]=6, E[B?]= 45, the correlation coefficient p = 2/3 the covariance equals to : Select one: O a. 9 O b. 96 O c. 8 O d....

Q:

Two random variables X and Y have a joint probability density function given by fXY(x, y) = Kxy, 0

Q:

Write a program to wish happy birthday to a student. Firstly, take today month and day as an input and secondly take birthday as an input in the form of month and day. If the input day and month...

Q:

7. Find four examples that illustrate the statement: Beyond a certain point, open-ness regarding information and communication can become detrimental to relationships.

Q:

2. In this chapter, the reader should reflect on the following concepts:

Q:

1. To gain knowledge about the way information is stored in memory.