Identify the fixed and variable costs

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1. Amanda owns a toy manufacturing plant with the production function Q = 100L - 3,000, where L is hired labor hours. If the wage rate that Amanda pays her laborers is $7 per hour, what is her cost function?

2. A Toyota Camry costs $19,600 and has an average gas mileage of 27 mpg. A Toyota Prius costs $23,000 and has an average gas mileage of 50 mpg. Assuming gas costs $4 per gallon, generate total cost equations as a function of miles driven for each of these cars and identify the fixed and variable costs. How many miles do you have to drive before the two cars have the same total cost?

Reference no: EM131336054

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