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pickupchik [31]
3 years ago
5

Suppose in the short run a firm’s production function is given by Q = L 1 2 K 1 2 and that K is fixed at K = 10. If the price of

Labor, w = $15 per unit of Labor, what is the firm’s marginal cost of production when the firm is producing 50 units of output?
Business
1 answer:
Furkat [3]3 years ago
6 0

The firm’s marginal cost of production when the firm is producing 50 units of output is 33.33

Solution:

The production function is Q = \sqrt{L * K}

The initial value is 10 units. The production value is 50 units The manufacturing cycle needs work as stated below.

Q = \sqrt{L * K}

Q = \sqrt{L * 10}

L = (\frac{Q}{3.162} )^{2}

The wage rate is $15 . The following is the expense of the manufacturing process.

TC = P_{L} * L + P_{K} * K

TC = ( 15 * (\frac{Q}{3.162} )^{2} ) + [ P_{k * 10}]

The marginal production cost is really the increase in manufacturing costs as output increases by 1 point.

As listed below, the marginal cost:

TC = ( 15 * (\frac{Q}{3.162} )^{2} ) + [ P_{k * 10}]

MC = \frac{TC}{Q} = \frac{2Q}{3}

MC = \frac{2*50}{3} = 33.33

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b. 5.0%

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