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stars_and_moon stars_and_moon
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6 years ago
Prove that average variable cost varies inversely with average product.
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kingbykingby
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6 years ago
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  Average variable cost = total variable cost ÷ quantity.  Since total variable cost is the wage rate * labor, we can substitute that average variable cost = (wage rate * labor) ÷ quantity.  Since quantity of output ÷ labor is average product this simplifies to average variable cost = wage rate ÷ average product.
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#2
6 years ago
Incredible!
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#3
6 years ago
Great! Now we can move on to the next one
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