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In this module you learned that cost functions are derived from production functions and that the marginal cost curve is the inverse of the marginal product curve. Work through this problem to demonstrate those findings.
Production Function:
Total Product (Q) 1361015Labor (L) 123 4 5
1. Using the production function, compute the figures for marginal product using the definition given earlier in this module. Draw a graph of the marginal product curve using the numbers you computed.
Suppose this firm can hire workers at a wage rate of $10 per hour to work in its factory which has a rental cost of $100. Use the production function to derive the cost function.
2. First compute the variable cost for Q = 0 through Q = 5.
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