Which of the following are correct:

(A) Average Product of labor = Total Product of labor / Labor.

(B) Average cost = average variable cost + average fixed cost.

(C) Marginal Product of labor = Total Product of labor/Labor.

(D) Average fixed cost = Fixed cost / Output.

Choose the correct answer from the options given below:

Option 1 -> Statements (A), (B), and (D) are correct formulas. Statement (C) is incorrect because it describes Average Product, not Marginal Product.

Option 2 -> Incorrect because it includes statement (C), which wrongly defines Marginal Product of labor.

Option 3 -> Incorrect because it includes statement (C), which is a false definition.

Option 4 -> Incorrect because it excludes statement (A) which is correct, and includes statement (C) which is incorrect.

Hence, Option 1: (A), (B) and (D) only -> Statement (A) correctly defines Average Product of Labor as TPL/L. Statement (B) correctly shows that Average Cost equals the sum of Average Variable Cost and Average Fixed Cost. Statement (D) correctly defines Average Fixed Cost as Fixed Cost divided by Output. However, statement (C) is INCORRECT because Marginal Product of Labor is the change in total product divided by change in labor (ΔTPL/ΔL), not TPL/L. The formula TPL/L actually represents Average Product, not Marginal Product. Therefore, only statements (A), (B), and (D) are correct. -> correct