The production function of producing computer software diskettes (q) is given as q=lk1/2. the input k is fixed at 100. the price of k is $2 and the price of l is $50. what is the average fixed cost is 200.
q=lk1/2.
k = 100(fixed cost)
price of k (r)m= $2 price of L(w) = $50
since q=lk1/2.
q = L(100)1/2
q = L(10)
L = q/10
fixed cost = $2 *100 = 200
A production function is a representation of the functional relationship between the amount of input employed and the amount of output produced.
This shows the technical relationship between inputs and outputs which are in physical form.
It also denotes the flow of input that will produce the flow of output over a specific period of time.
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