Only typed answer and please don't use chatgpt Question: In Figure 1, if labor is the variable input and all other inputs are fixed, then at Q4 units of output Group of answer choices: a) total cost is at a minimum. b) marginal product is at a maximum.average variable cost is at a minimum. c) average variable cost is at a minimum. d) the marginal product of labor is less than the average product of labor, (MPL < APL). e) the marginal product of labor is greater than the average product of labor, (MPL > APL).
Only typed answer and please don't use chatgpt Question: In Figure 1, if labor is the variable input and all other inputs are fixed, then at Q4 units of output Group of answer choices: a) total cost is at a minimum. b) marginal product is at a maximum.average variable cost is at a minimum. c) average variable cost is at a minimum. d) the marginal product of labor is less than the average product of labor, (MPL < APL). e) the marginal product of labor is greater than the average product of labor, (MPL > APL).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Only typed answer and please don't use chatgpt
Question: In Figure 1, if labor is the variable input and all other inputs are fixed, then at Q4 units of output
Group of answer choices:
a) total cost is at a minimum.
b) marginal product is at a maximum.average variable cost is at a minimum.
c) average variable cost is at a minimum.
d) the marginal product of labor is less than the average product of labor, (MPL < APL).
e) the marginal product of labor is greater than the average product of labor, (MPL > APL).
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