Home » Homework 7 Econ 201 1. (30 Points) Consider a firm with short-run production function Q=K+L. Right now, the firm has 10 units of K, w = 3, and r =…

# Homework 7 Econ 201 1. (30 Points) Consider a firm with short-run production function Q=K+L. Right now, the firm has 10 units of K, w = 3, and r =…

(30 Points) Consider a firm with short-run production function Q=K+L. Right now, the firm has 10 units of K, w = 3, and r = 10. (a) (2.5 Points) Graph the short-run total product curve. (b) (2.5 Points per curve) Graph the short-run marginal and average product curves. (c) (2.5 Points per curve) Graph the short-run total cost, variable cost, and fixed cost curves. (d) (2.5 Points per curve) Graph the short-run marginal cost, average total cost, average variable cost, and average fixed cost curves. (e) (2.5 Points) In the long-run, what is the cost minimizing way for the firm to produce 100 units of output? (f) (2.5 Points) What is the total cost of producing the 100 units of output

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