Question: Please help me to answer the question a through f below: Assume that labor the only variable input of a firm has the average and

Please help me to answer the question a through f below:

Assume that labor the only variable input of a firm has the average and marginal product curves shown in the following figure. The price of labor is $5 per unit.

Please help me to answer the question a through f below: Assume

  1. At minimum average variable cost, the firm employs _______ units of labor.

  1. Minimum average variable cost is reached at ______________ units of output.

  1. At its minimum value, average variable cost is $ ___________.

  1. Marginal cost reaches its minimum value at 300 units of labor usage, which corresponds to ___________ units of output.

  1. At its minimum value, marginal cost is $ ___________.

  1. The average variable cost when 500 units of labor are employed is $___________.

APLI MPL/ 45 43 40 25 --- APL 12 IMPL 300 500 APLI MPL/ 45 43 40 25 --- APL 12 IMPL 300 500

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