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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).

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).

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
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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Transcribed Image Text:$/Q ↑ 167 118 111 73 40 32 20 m W u Q₁ Q₂ b g Q3 Q4 Q5 MC ATC AVC Q
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