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The cost of capital in short-run is 1000 per day and cost

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Reference no: EM13396341

A poncho company has the following short-run production function:

Q (L) = 100L+ 5L^2

The cost of capital in the short-run is $1,000 per day and the cost of labor is $100 per day.

(a) What is the marginal product of labor whenL = 50?

(b) Invert the production function to find the number of workers needed per day to produce Q ponchos. (Note: you will need the quadratic equation here. Be careful.)

(c) Use this to derive the formula for total cost (as a function of output

Q). What is the fixed cost? What is the variable cost?

(d) Find the marginal cost of producing a poncho.

(e) If L = 50, what is the level of production? What is marginal cost?

(f) Verify that, at L = 50, MC = w/MPL and explain in words what this means.

Reference no: EM13396341

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