Illustrate the connection between Sues AP, MP, AVC, and MC curves in graphs like those in Fig.
Question:
Illustrate the connection between Sue’s AP, MP, AVC, and MC curves in graphs like those in Fig. 11.7.
Transcribed Image Text:
FIGURE 11.7 Average and Marginal Product Curves and Cost Curves Average product and marginal product Cost (dollars per unif 3 O Rising MP and falling MC: rising AP and falling AVC 1.5 6.5 Falling MP and rising MC: rising AP and falling AVC Maximum MP and Minimum MC Maximum AP and Minimum AVC 2.0 10 AP MP Falling MP and rising MC: falling AP and rising AVC Labor MC AVC Output
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