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Average and marginal products AP, MP 2,700 2,025 1,925 1,800 Average Product 825 Marginal Product 01 300 450 500 Quantity of labor Assume labor-the only variable input of a firm-has average and marginal product curves shown in the figure above. The price of labor is $1,000 per unit (i.e., w= $1,000). The average variable cost when 500 units of labor are employed is $. of labor are employed is $. and the marginal cost when 500 units

Average and marginal products AP, MP 2,700 2,025 1,925 1,800 Average Product 825 Marginal Product 01 300 450 500 Quantity of labor Assume labor-the only variable input of a firm-has average and marginal product curves shown in the figure above. The price of labor is $1,000 per unit (i.e., w= $1,000). The average variable cost when 500 units of labor are employed is $. of labor are employed is $. and the marginal cost when 500 units

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 7P
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Average and marginal products AP, MP 2,700 2,025 1,925 1,800 Average Product 825 Marginal Product 300 450 500 Quantity of labor Assume labor-the only variable input of a firm-has average and marginal product curves shown in the figure above. The price of labor is $1,000 per unit (i.e., w= $1,000). The average variable cost when 500 units of labor are employed is $ of labor are employed is $. and the marginal cost when 500 units
Transcribed Image Text:Average and marginal products AP, MP 2,700 2,025 1,925 1,800 Average Product 825 Marginal Product 300 450 500 Quantity of labor Assume labor-the only variable input of a firm-has average and marginal product curves shown in the figure above. The price of labor is $1,000 per unit (i.e., w= $1,000). The average variable cost when 500 units of labor are employed is $ of labor are employed is $. and the marginal cost when 500 units
$4.50, $275 $1,000/1,925, $1,000/825 $0.35, $2.70 $1,000/2,700, $1,000/2,025 None of the choices are correct.
Transcribed Image Text:$4.50, $275 $1,000/1,925, $1,000/825 $0.35, $2.70 $1,000/2,700, $1,000/2,025 None of the choices are correct.
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