Answer to Question #71403 in Microeconomics for destini

Question

Supppose that a farm's production function is determined by two factors: land area (K) and labour (L). The
production function is specified as follows:

The farm's land area is 500 acres
The unit cost of capital and labour is as follows:
- land $10 per acre
- labour $500 per labour
Complete the following table:
L Q TC AFC AVC ATC
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20