The following figure shows a firm's marginal and average product curves for labor, the only variable input employed by the firm. The wage rate of labor is $200 and the fixed cost is $6,000. AP, MP 80 66.67 60 48 40 24 AP 20 MP 10 20 30 36 40 50 Labor When average variable cost reaches its minimum: a. Output is units. b. AVC is $ and SMC is $ c. ATC is $ Average and marginal product of labor

The following figure shows a firm's marginal and average product curves for labor, the only variable input employed by the firm. The wage rate of labor is $200 and the fixed cost is $6,000. AP, MP 80 66.67 60 48 40 24 AP 20 MP 10 20 30 36 40 50 Labor When average variable cost reaches its minimum: a. Output is units. b. AVC is $ and SMC is $ c. ATC is $ Average and marginal product of labor

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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