-Assume Labor-The Only Variable Input of a Firm-Has Average and Marginal

question 106

Multiple Choice

-Assume labor-the only variable input of a firm-has average and marginal product curves shown in the figure above.The price of labor is $1,000 per unit .At minimum average variable cost,the firm employs __________ units of labor and minimum average variable cost is reached at __________ units of output.

• A)300; 810,000
• B)300; 962,500
• C)450; 962,500
• D)500; 540,000
• E)none of the above

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Definitions:

Credit Calculation

The process of determining the amount of credit that can be claimed by an individual or entity, often related to tax credits or financial rebates.

Rental Property

Rental property refers to real estate owned by an individual or entity that is leased or rented out to tenants in exchange for monthly rent payments.

Personal Use

Refers to the use of property or services primarily for individual or household purposes, not for business or income-producing activities.

Schedule E

A tax form used by landlords, S-corporation, partnerships, and other entities to report income and expenses from rental real estate, royalties, partnerships, S corporations, trusts, and residual interests in REMICs.