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1. Consider the graph below which illustrates a given firm's AP and MP curves: AP MP 80 60 Average and marginal product of labor 40

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1. Consider the graph below which illustrates a given firm's AP and MP curves: AP MP 80 60 Average and marginal product of labor 40 AP 20 MP 1 10 20 30 40 50 Labor a. At what level of labor input is AVC minimized? Explain your answer. b. When 15 workers are hired, what is the firm's AVC if w = $1200? c. When 15 workers are hired, what is the firm's SMC if w = $1200

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