Average variable cost is at a minimum at the same output at which
A)average product is at a maximum.
B)average product is at a minimum.
C)marginal product is at a maximum.
D)marginal product is at a minimum.
E)marginal cost is at a minimum.

Question

Quizplus · Accepted Answer

Average variable cost is at a minimum when average product is at a maximum because they are inversely related. When average product is maximized, the cost per unit of output is minimized.

Average Variable Cost Is at a Minimum at the Same