-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 .The average variable cost when 550 units of labor are employed is $_________,and the marginal cost when 550 units of labor are employed is $____________.
A)$1,000/1,925; $1,000/825
B)$1,000/2,700; $1,000/2,025
C)$4.50; $2.75
D)$0.35; $2.70
E)none of the above

Question

-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 .The average variable cost when 550 units of labor are employed is $_________,and the marginal cost when 550 units of labor are employed is $____________.
A)$1,000/1,925; $1,000/825 
B)$1,000/2,700; $1,000/2,025 
C)$4.50; $2.75 
D)$0.35; $2.70 
E)none of the above

Quizplus · Accepted Answer

The Answer of 
-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 .The average variable cost when 550 units of labor are employed is $_________,and the marginal cost when 550 units of labor are employed is $____________.
A)$1,000/1,925; $1,000/825 
B)$1,000/2,700; $1,000/2,025 
C)$4.50; $2.75 
D)$0.35; $2.70 
E)none of the above

-Assume Labor-The Only Variable Input of a Firm-Has Average and Marginal