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## Economics

 Basic Economics Macroeconomics Microeconomics Business Economics Econometrics International Economics Managerial Economics Game Theory Public Economics

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

• Reference No.:- M916434

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