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 $________.

Question

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 $________.

Quizplus · Accepted Answer

The Answer of 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 $________.

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