4. Various measures of cost Douglas Fur is a small manufacturer of fake-fur boots in Dallas. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 60 160 220 270 4 340 5. 450 6 630 AAAAAA
4. Various measures of cost Douglas Fur is a small manufacturer of fake-fur boots in Dallas. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 60 160 220 270 4 340 5. 450 6 630 AAAAAA
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3CQQ
Related questions
Question
![On 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: For
ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $160, so you should start your ATC curve by
placing a green point at (1, 160). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of
boots is $100, so you should start your MC curve by placing an orange square at (0.5, 100).)
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
200
175
ATC
150
125
AVC
100
MC
75
50
1
4
9.
QUANTITY (Pairs of boots)
5
25
COSTS (Dollars per pair)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F73360e59-5edd-486f-ad18-bddf56b16620%2Ffbeda2d9-77c7-4192-b5aa-62f32ae3cd88%2Frn0fmwj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On 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: For
ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $160, so you should start your ATC curve by
placing a green point at (1, 160). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of
boots is $100, so you should start your MC curve by placing an orange square at (0.5, 100).)
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
200
175
ATC
150
125
AVC
100
MC
75
50
1
4
9.
QUANTITY (Pairs of boots)
5
25
COSTS (Dollars per pair)
![4. Various measures of cost
Douglas Fur is a small manufacturer of fake-fur boots in Dallas. The following table shows the company's total cost of production at various production
quantities.
Fill in the remaining cells of the following table.
Quantity
Total Cost
Marginal Cost
Fixed Cost
Variable Cost
Average Variable Cost
Average Total Cost
(Pairs)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
(Dollars per pair)
(Dollars per pair)
60
1
160
2
220
270
4
340
5
450
630](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F73360e59-5edd-486f-ad18-bddf56b16620%2Ffbeda2d9-77c7-4192-b5aa-62f32ae3cd88%2Fi77d9yb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:4. Various measures of cost
Douglas Fur is a small manufacturer of fake-fur boots in Dallas. The following table shows the company's total cost of production at various production
quantities.
Fill in the remaining cells of the following table.
Quantity
Total Cost
Marginal Cost
Fixed Cost
Variable Cost
Average Variable Cost
Average Total Cost
(Pairs)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
(Dollars per pair)
(Dollars per pair)
60
1
160
2
220
270
4
340
5
450
630
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