Could I get some help seeing the equation for L and an explanation on how to graph please? 2.Short Run Cost and Product CurvesECOM SOT [2SSIEND IT.Consider this total product function with a single variable input, labor (L) per day:= Q(L) => The wage (price) of labor is W = 500 per day.TPL == 10La. Solve the total product function for L as a function of Q.L =o svneQCL) == lOL'aOVA 9d. Derive the equation of variable cost, VC(O). Then write the equations of AVC and MC.VC =AVC =MC =b. Graph:VCMCAVC10LQ

(a) Q = 10L1/2 => L1/2 = (Q / 10) => L = (Q/10)2 => L = Q2 / 100 -----------> Total…

Answered: 2. Short Run Cost and Product Curves [S…

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2. Short Run Cost and Product Curves [S O TPL = Q(L) = 10L½ 200 nav - The wage (price) of labor is W = 500 per day.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter11: Profit Maximization

Section: Chapter Questions

Problem 11.9P

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Question

Could I get some help seeing the equation for L and an explanation on how to graph please?

2.
Short Run Cost and Product Curves
ECOM SOT [2SSI
END IT.
Consider this total product function with a single variable input, labor (L) per day:
= Q(L) =
> The wage (price) of labor is W = 500 per day.
TPL =
= 10L
a. Solve the total product function for L as a function of Q.
L =o svne
QCL) =
= lOL'a
OVA 9
d. Derive the equation of variable cost, VC(O). Then write the equations of AVC and MC.
VC =
AVC =
MC =
b. Graph:
VC
MC
AVC
10L
Q

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