. In the short run, the firm's amount of capital equipment is fixed at K = 100. The rental rate for K is $1 and the wage rate for L is $4.Answers
Answer
(a)
Fixed Cost is the cost incurred to hire fixed Input.
Here In the short run, the firm's amount of capital equipment(K) is fixed.
Hence Fixed cost is the total cost incurred to hire this K and here K = 100
total cost incurred to hire this K = Rental rate*K = 1*100 = 100
Hence, the firm's fixed rate cost = $100.
(b)
Q = 2(LK)0.5 and K = 100 (fixed and constant)
=> Q = 2(100L)0.5
=> L = Q2/400
TC = Total Cost = wage rate*L + Rental Rate*K
=> TC = 4(Q2/400) + 1*100
=> TC = TC(Q) = 100 + Q2/100 ----------------Total Cost function is the short run.
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