Use the total cost curve below to answer the following questions.

a. For what values of output is marginal product of labor decreasing? What is true about marginal cost over this range of output?
b. What is the approximate output level at which average variable cost is minimized? What is true about the average product of labor at this output level?
c. For what range of output does the average variable cost of production decrease? What can be said about marginal cost over this range of output?
d. For what range of output does average total cost of production decline? For e-g, suppose you know that minimum AVC is $40.
e. What is the approximate dollar amount of FC?
f. For what approximate Q is AC(Q) = $100?
g. What is the approximate dollar amount of minimum AC?

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