Please help solve and explain Homework (Ch 13)(AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: ForATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $210, so you should start your ATC curve byplacing a green point at (1, 210). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair ofboots is $90, so you should start your MC curve by placing an orange square at (0.5, 90).)Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.(?)240210ATC180150AVC120MC906030QUANTITY (Pairs of boots)COSTS (Dollars per pair) Fill in the remaining cells of the following table.Quantity Total Cost(Pairs)Marginal Cost(Dollars)Average Variable Cost(Dollars per pair)Average Total Cost(Dollars per pair)Fixed CostVariable Cost(Dollars)(Dollars)(Dollars)1202102270331543805475630On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost(AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: ForATC and AVC, plot the points on the integer; for example, the ATC of producing one pairf boots is $210, so you should start your ATC curve byplacing a green point at (1, 210). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair ofboots is $90, so you should start your MC curve by placing an orange square at (0.5, 90).)Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.

Fixed cost is independent of output produced. Thus required fixed cost is $120. Variable cost varies…

210 270 315 4 380 475 630 On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its avera (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square sym! ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $210, so you should start your AT placing a green point at (1, 210). For MC, plot the points between the integers: For example, the MC of increasing production from zer boots is $90, so you should start your MC curve by placing an orange square at (o.5, 90).)

210 270 315 4 380 475 630 On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its avera (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square sym! ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $210, so you should start your AT placing a green point at (1, 210). For MC, plot the points between the integers: For example, the MC of increasing production from zer boots is $90, so you should start your MC curve by placing an orange square at (o.5, 90).)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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