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Compute the average product, variable cost also maximize profit.

1. The following table summarizes the short-run production function for your industry. Your product (Q) sells for $50 per unit, labour (L) costs $15 per unit also the rental price of capital (K) is $250 per unit. Lastly, Suppose capital also labour are used only in whole units, i.e. it is not possible to use 1.37 units of capital or labour, but instead 1,2, 3 etc. units are used.  Complete the following table also then answer the accompanying problems.

2.

Q

K

L

APK

0*50

0*250

5*15

 

Q/K = 0

10*50

1*250

5

 

Q/K = 500/75 = 6.6

30*50

2*250

5

 

Q/K = 1500/500 = 3

60*50

3*250

5

 

Q/K = 3000/750 = 4

80*50

4*250

5

Q/K = 4000/1000 = 4

90*50

5*250

5

Q/K = 4500/1250 = 3.6

94*50

6*250

5

Q/K = 4700/1500 = 3.1

95*50

7*250

5

Q/K = 4750/1750 = 2.7

100*50

8*250

5

Q/K = 5000/2000 = 2.5

85*50

9*250

5

Q/K =4250/2250 = 1.8

75*50

10*250

5

Q/K = 3750/2500 = 1.5

50*50

11*250

5

Q/K = 2500/2750 = 0.9

 

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M916434

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