Question: Please answer the question (6 points) The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly

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(6 points) The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,800. Fixed cost is $160,000. ~ A AP, MP 100 Average and marginal product of labor 20 MP AP L 20 40 60 80 100 120 140 160 Labor a. At what output does the firm reach minimum average variable cost? ~ Answer: units b. When the firm attains minimum average cost, how many units of labor is it using?~ Answer: units.

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