Assume laborthe only variable input of a firmhas average and marginal product curves shown in the figure above. The price of labor is $1,000 per unit (i.e.,w= $1,000). Marginal cost reaches its minimum value at ________ units of labor usage, which corresponds to ________ units of output.

Multiple Choice

• 300; 810,000
• 500; 300 2,700
• None of the choices are correct.
• 300; 300 1,800
• 450; 300 2,700