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Part I
A firm that manufactures office desks has the following production function in the short run:
Q = 400 L0.8 K0.5
where
Q = the quantity of chairs produced in a month
L = the amount of labor (hours of work) used in a month
K = the amount of capital (building, machines, equipment) used.
Assume that in the short run L = 1,000 and K = 100.
Part II
A company has a cost structure described in the table below. Using your knowledge of the types of costs involved in a production process, fill in the blanks in the table.
Quantity produced
Total Cost
Total Fixed Cost
Total Variable Cost
Average Total Cost
Average Fixed Cost
Average Variable Cost
Marginal Cost
0
100
-
1
160
2
80
3
65
4
10
5
120
6
40
7
180
8
30
9
421
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