Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.a by drawing an average cost curve in which capital is variable but labor is fixed at the largest amount the firm can hirebby assuming the firm is minimizing total costs at all levels of outputndby finding the lowest average cost of producing any level of output, assuming all inputs can be variedHow is the LRAC derived?by finding the largest amount of capital the firm can afford to use, and viewing the output capabilities of that capitalamountSelected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.abCby drawing an average cost curve in which capital is variable but labor is fixed at the largest amount the firm can hireby assuming the firm is minimizing total costs at all levels of outputby finding the largest amount of capital the firm can afford to use, and viewing the output capabilities of that capitalamountdby finding the lowest average cost of producing any level of output, assuming all inputs can be varied

Average cost is the cost of producing goods per unit. Average cost is calculated by dividing the…

How is the LRAC derived? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a by drawing an average cost curve in which capital is variable but labor is fixed at the largest amount the firm can hire b by assuming the firm is minimizing total costs at all levels of output C by finding the largest amount of capital the firm can afford to use, and viewing the output capabilities of that capital amount d by finding the lowest average cost of producing any level of output, assuming all inputs can be varied