Suppose in the short run a firm’s production function is given by Q = L 1 2 K 1 2 and that K is fixed at K = 10. If the price of Labor, w = $15 per unit of Labor, what is the firm’s marginal cost of production when the firm is producing 50 units of output?

The firm’s marginal cost of production when the firm is producing 50 units of output is 33.33

Solution:

The production function is Q =

The initial value is 10 units. The production value is 50 units The manufacturing cycle needs work as stated below.

Q =

Q =

L =

The wage rate is $15 . The following is the expense of the manufacturing process.

TC =

TC =

The marginal production cost is really the increase in manufacturing costs as output increases by 1 point.

As listed below, the marginal cost:

TC =

MC = =

MC = = 33.33

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