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

question 31

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 its minimum value,average variable cost is $__________.

• A)$1,000/2,025
• B)$1,000/1,925
• C)$1,000/1,800
• D)$1,000/825
• E)none of the above

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Definitions:

Supply Chain Assets

Resources owned or controlled by a supply chain that contribute to manufacturing, delivering, and selling products, including facilities, equipment, and inventory.

Marketing

The active promotion and selling of products or services, including market research and advertising, critical for business growth and customer engagement.

Overbooking Decision

The practice of selling or booking more seats or rooms than are available, under the expectation that some bookings will cancel.

Supply Chain Profits

The total earnings generated across all stages of the product's journey from raw material to the end customer.