Homework SourseSuppose qK13 L23 K10 and wv3 Find the short run total cost c
Suppose q=K(1/3) L(2/3), K=10, and w=v=3. Find the short run total cost curve and short run average total cost curve.
Solution
Q = K(1/3)L(2/3)
K=10
Q=[10^(1/3)]L(2/3)
L=Q^(3/2)(10^(-1/2))
TC = w.L + FC
If total FC = v.K = 3*10 = 30
Total Short run Cost = 3* Q^(3/2)(10^(-1/2)) + 30
Total Average Short run Cost = 3* Q^(1/2)(10^(-1/2)) + 30/Q
![Suppose q=K(1/3) L(2/3), K=10, and w=v=3. Find the short run total cost curve and short run average total cost curve.SolutionQ = K(1/3)L(2/3) K=10 Q=[10^(1/3)]L](/WebImages/27/suppose-qk13-l23-k10-and-wv3-find-the-short-run-total-cost-c-1074467-1761563328-0.webp "Suppose q=K(1/3) L(2/3), K=10, and w=v=3. Find the short run total cost curve and short run average total cost curve.SolutionQ = K(1/3)L(2/3) K=10 Q=[10^(1/3)]L")
