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Average and marginal products 2.700 2,025 1.925 1,000 825 134 Average Product Marginal Product 300 450 500 Quantity of labor Assume labor-the only variable input of a firm-has average and marginal product curves shown in the figure above. The price of labor is $1,000 per unit (ie., w$1,000). At minimum average variable cost, the firm employs, units of labor and minimum average variable cost is reached at, output. O 300; 810,000 O b. 300; 962,500 O 450; 911,250 Od. 500; 540,000 units of None of the choices are correct.

Average and marginal products 2.700 2,025 1.925 1,000 825 134 Average Product Marginal Product 300 450 500 Quantity of labor Assume labor-the only variable input of a firm-has average and marginal product curves shown in the figure above. The price of labor is $1,000 per unit (ie., w$1,000). At minimum average variable cost, the firm employs, units of labor and minimum average variable cost is reached at, output. O 300; 810,000 O b. 300; 962,500 O 450; 911,250 Od. 500; 540,000 units of None of the choices are correct.

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 15P
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Average and marginal products 2.700 2,025 1.925 1,000 825 134 Average Product Marginal Product 300 450 500 Quantity of labor Assume labor-the only variable input of a firm-has average and marginal product curves shown in the figure above. The price of labor is $1,000 per unit (ie., w$1,000). At minimum average variable cost, the firm employs, units of labor and minimum average variable cost is reached at, output. O 300; 810,000 O b. 300; 962,500 O 450; 911,250 Od. 500; 540,000 units of None of the choices are correct.
Transcribed Image Text:Average and marginal products 2.700 2,025 1.925 1,000 825 134 Average Product Marginal Product 300 450 500 Quantity of labor Assume labor-the only variable input of a firm-has average and marginal product curves shown in the figure above. The price of labor is $1,000 per unit (ie., w$1,000). At minimum average variable cost, the firm employs, units of labor and minimum average variable cost is reached at, output. O 300; 810,000 O b. 300; 962,500 O 450; 911,250 Od. 500; 540,000 units of None of the choices are correct.
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