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Use the Following Figure, Showing a Firm's Marginal and Product

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Use the following figure, showing a firm's marginal and product curves for labor, the only variable input, to answer the next three questions. Labor is the only variable input. The wage rate of labor is $200 and the fixed cost is $6,000. Use the following figure, showing a firm's marginal and product curves for labor, the only variable input, to answer the next three questions. Labor is the only variable input. The wage rate of labor is $200 and the fixed cost is $6,000.   - When average variable cost reaches its minimum, a. output is ________ units. b. AVC is $________ and MC is $________ at this level of output. c. ATC is $________.
- When average variable cost reaches its minimum,
a. output is ________ units.
b. AVC is $________ and MC is $________ at this level of output.
c. ATC is $________.

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Answered by ExamLex AI

a.1,500
b....

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