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Derive LR Total cost curue

Assignment Help Microeconomics
Reference no: EM132377010

Given
Q = k.20L.40

1) Hold L Fixed Derive STC Curue

Steps
- Find Demand For K, L Constant
- STC = vk +wl, r, prices of K + L Respective
-STC are A function of L

2) Use a to find SATC, SAFC, SAUC and SMC CURUG

3) Derive LR Total cost curue
i.e: Find L to Minimize STC
Recall L/R +S/R costs Equal at the optimum

Reference no: EM132377010

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