A firm produces in the short run with a single variable input, labor. The panel below on the left shows the firm's total product curve. Point I is the inflexion point where total product goes from increasing at an increasing rate to increasing at a decreasing rate. This firm faces a wage rate of $50 per unit of labor: and the firm's short run marginal cost curve reaches its minimum value 360 a. b. of $4 at 360 units of output. e 100 40 50 Quantity of labor 40 50 100 Quantity of labor On the axes to the right of total product: sketch the marginal product curve. The average product curve is already sketched for you. Label the marginal product curves MP, and show the maximum values for MP and AP on the vertical axis _ Find the firm's minimum average variable cost and determine the output level where A VC reaches its minimum level.