Short Answer
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 $________.
Correct Answer:

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a.1,500
b....View Answer
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Correct Answer:
Answered by ExamLex AI
b....
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