Homework Answers
Answer 5
It is given that an average laborer can pick 100 pounds of green pepper and thus L units of Laborer can pick 100*L pounds of green pepper.
Production function shows the relation between Output(Q) and input(here L)
Thus Production function is given by :
Q = 100L where Q = Total pounds of green peppers and L = Number of Laborer.
Hence Q = 100L ------------------------------------------Production function.
Cost(C) = wL.
From production function we have Q = 100L => L = Q/100
Thus C = wL = wQ/100 --------------Cost Function
Now we want Q = 100,000
Thus Total Cost(C) = wQ/100 = (w/100)*100,000 = 1000w
Hence, Total Cost of producing 100,000 pounds of pepper is 1000w.
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