17/7/2020 Part 2 | Midterm 2 | Material del curso 14.100x | edX
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Curso
Midter…
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Part 2
Part 2
Midterm Exam fecha límite Jul 22, 2020 18:30 CDT Completado
Problem E2.2.1
2.0/2.0 puntos (calicado)
Juan has just started a taco restaurant. In order to enter the business he had to pay a sunk
cost of , that is, the total value of the time he spent learning tacos recipes. In addition he
needs to pay for labor and capital. The wage rate he has to pay is , and the rental rate of
each unit of capital is . Juan knows that his production function is given by .
In the short run the units of capital that Juan has are xed and equal to . Find the short run
total cost function. (Exclude the sunk costs from this function.) To verify that you have found
the correct short-run total cost function, compute the short-run total cost of producing 30
tacos.
2253
Answer: 2253
2
1
4
1
q
=
K
1/3
L
1/3
3
TC
(30) =
2253
Explanation
We know that in the short run . From the production function we have that
.
The short-run total cost function is given by
K
= = 3
K
¯ ¯¯¯¯
q
=
⟹
L
=
K
¯ ¯¯¯¯
1/3
L
1/3
q
3
K
¯ ¯¯¯¯
TC
=
r
+
wL
= 3 +
L
= 3 + = 3 + .
K
¯ ¯¯¯¯
1
4
1
4
q
3
3
q
3
12
