Statistics Solutions

[Solution Library] If we know the following information, AVC=(TVC)/(Q)=(wL)/(Q)=(w)/(Q/L)=(w)/(AP_L) If the labor rate (w) is $1000, what is the AP of Labor

Question: If we know the following information,

\[AVC=\frac{TVC}{Q}=\frac{wL}{Q}=\frac{w}{Q/L}=\frac{w}{A{{P}_{L}}}\]

If the labor rate (w) is $1000, what is the AP of Labor for 1-5 units of output using the table in Q1. How much labor (L) is used at every output level?

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