Please correct answer and don't used hand raiting Average and marginal products2.7002,0251.9251,000825134AverageProductMarginalProduct300450 500Quantity of laborAssume labor-the only variable input of a firm-has average andmarginal product curves shown in the figure above. The price oflabor is $1,000 per unit (ie., w$1,000). At minimum averagevariable cost, the firm employs,units of labor andminimum average variable cost is reached at,output.O 300; 810,000O b. 300; 962,500O 450; 911,250Od. 500; 540,000units ofNone of the choices are correct.

Key Points in the Problem:Labor is the only variable input.Cost of labor: $1,000 per unit of labor…

Answered: Average and marginal products 2.700…

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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The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.a) Complete the table, assuming that labour and materials cost $8 an hour. For all $ amounts, round your answers to the nearest whole number. Outputof Chairs TotalHours AverageHoursper Chair MarginalHoursper Chair TVC($) AVC($) TFC($) TC($) ATC($) MC($) 1 6 180 2 8 3 9 4 16 5 25 6 36 b) What is the most productive output? Most productive output: chairs.c) What are AVC and ATC at this quantity? AVC: $ ATC: $ d) What is the output at economic capacity? Economic capacity: chairs. The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.a) Complete the table, assuming that labour and materials cost $8 an hour. For all $ amounts, round your answers…
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Please give me proper calculation and full explanation otherwise i give downvote

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