Homework Answers
Answer
total cost =Labor * wage+capital *rent
TC(0)=0*0+1*500=500
TC(120)=1*200+1*500=700 and so on
ATC(Q)=TC/Q
ATC(120)=700/120=5.83 and so on
| L | K | Q | TC | ATC |
| 0 | 1 | 0 | 500 | |
| 1 | 1 | 120 | 700 | 5.83 |
| 2 | 1 | 360 | 900 | 2.50 |
| 3 | 1 | 480 | 1100 | 2.29 |
| 4 | 1 | 540 | 1300 | 2.41 |
| 5 | 1 | 570 | 1500 | 2.63 |
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