Per hour, the average wage is a minimum of £5 +, what do you mean by average cost??
NTERSECTS
mesh
When a firm attains minimum average variable cost, the number of units of labor it is using depends on the average product.
the long run curve is at a minimum point
When average variable costs equal to the average marginal cost, the average variable cost will be at the minimum point. i.e. lowest cost
NTERSECTS
mesh
When a firm attains minimum average variable cost, the number of units of labor it is using depends on the average product.
the long run curve is at a minimum point
When average variable costs equal to the average marginal cost, the average variable cost will be at the minimum point. i.e. lowest cost
it is at its minimum
Average cost is minimized when marginal cost equals average cost. This occurs at the output level where the cost of producing one additional unit (marginal cost) is equal to the average cost of all units produced. At this point, producing additional units would either increase or decrease the average cost, indicating that the minimum average cost has been reached.
The marginal cost (MC) curve intersects the average variable cost (AVC) curve at the minimum point of the AVC curve.
Ur probably in Farzads class... hah xD
No because it does not produce at minimum average total cost
MINIMUM: Free of cost MAXIMUM:300
In the long run, a company can achieve the minimum average total cost by optimizing production processes, reducing input costs, increasing efficiency, and achieving economies of scale.