What is this firms total cost function average cost function

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Q. (a) Let a typical consulting firm has production function f (L) = 10000L1/2 and firm also incurs a fixed cost of 1000. What is this firms total cost function, average cost function, average variable cost function and marginal cost function?

Q. Suppose Qd=-15*P+Income+2500 and Qs=8*P-Pinputs-500. Originally Income=885 and Pin puts=57. Suppose Income increases to 1022 and Pin puts increases to 117. How large is change in equilibrium price?

Reference no: EM1372254

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