production function when K is fixed at 6000 units. Recall that 9 = 0.02KL0.5 and r = .05 and w = 45. Calculate your SR production function (round any numbers to 4 decimal places). Q=.02K^.5L^.5 q=.02(6000)^.5L^.5 q= (1.5491L^.5)^2 Q = 2.4L Calculate your FC. FC = (0.05) (6000) = 300 I Derive the equation for your VC (as a function of q) Q=2.4L L =f(Q) = L = (Q/2.4) VC=WL = VC = 45(L) = 45(Q/2.4) = 18.75Q Derive the equation for your TC (as a function of q) TC 18.75Q + 450

production function when K is fixed at 6000 units. Recall that 9 = 0.02KL0.5 and r = .05 and w = 45. Calculate your SR production function (round any numbers to 4 decimal places). Q=.02K^.5L^.5 q=.02(6000)^.5L^.5 q= (1.5491L^.5)^2 Q = 2.4L Calculate your FC. FC = (0.05) (6000) = 300 I Derive the equation for your VC (as a function of q) Q=2.4L L =f(Q) = L = (Q/2.4) VC=WL = VC = 45(L) = 45(Q/2.4) = 18.75Q Derive the equation for your TC (as a function of q) TC 18.75Q + 450

Name: production function when K is fixed at 6000 units. Recall that 9 = 0.02KL0.5 and r = .05 and w = 45. Calculate your SR production function (round any numbers to 4 decimal places).…
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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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