http://tinypic.com/view.php?pic=2u5ubkx&s=5 4. What can we tell about the averag

Question

http://tinypic.com/view.php?pic=2u5ubkx&s=5
4. What can we tell about the average product of labor curve from the marginal product curve above?

a. It is at a minimum at a labor input of 7.5
b. It begins to decrease at a labor input of 2
c. It is at a minimum at a labor input of 2
d. It is at a maximum at a labor input of 2
e. It lies below the marginal product curve between 1 and 2 units of labor.

http://tinypic.com/view.php?pic=95n1js&s=5

5. In the figure above, at an output level of H, total fixed cost and average fixed cost are
a. 0DRT, E-B
b. CFLK, E-B
c. 0DRT, R
d. CKJA, E-B
e. (E-B)*G, R-S

6. In the figure above, at an ouput level of H, total variable cost is
a. E - B
b. E
c. 0EMH
d. B
e. B*H

Explanation / Answer

4) b. It begins to decrease at a labor input of 2

5) I - Marginal Cost

II - Average Total Cost

III - Average Variable Cost

b. CFLK, E-B

6) e. B*H

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