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9. Firm's Cost Schedule Giberto's Juice Bar has the following cost schedules: In the following table, complete the marginal cost, average variable cost, and average total cost columns Quantity Variable Cost Total Cost Marginal Cost (Vats of juice) (Dollars) (Dollars) (Dollar) Average Variable Cost Average Total Cost (Dollars) (Dollar) 30 10 40 25 ss 3 45 75 70 100 100 130 AAAAAA 135 165 On the following graph, use the orange points (square symbol) to plot the marginal-cost curve for Giberta's Juice Bar. (Note: Be sure to put from left to right and to plot between integers. For example, if the marginal cost of increasing production from I vat of juice to 2 vats of juice is $5, then you would plot a point at (1.5, 5).) Then use the purple points (diamond symbol) to put the average-variable cost curve starting at 1 vat of juice, and use the green points (triangle symbol) to plot the average-total-cost curve also starting at 1 vat of juice. Marginal Col Average Total Co Which of the following statements are true according to the previous graph? Check all that apply. The marginal cost curve lies above the average-variable-cost curve. The marginal cost curve is below the average-total-cost curve when output is greater than four and average total cost is rising The marginal cost curve is below the average-total-cost curve when output is less than four and average total cost is declining

9. Firm's Cost Schedule Giberto's Juice Bar has the following cost schedules: In the following table, complete the marginal cost, average variable cost, and average total cost columns Quantity Variable Cost Total Cost Marginal Cost (Vats of juice) (Dollars) (Dollars) (Dollar) Average Variable Cost Average Total Cost (Dollars) (Dollar) 30 10 40 25 ss 3 45 75 70 100 100 130 AAAAAA 135 165 On the following graph, use the orange points (square symbol) to plot the marginal-cost curve for Giberta's Juice Bar. (Note: Be sure to put from left to right and to plot between integers. For example, if the marginal cost of increasing production from I vat of juice to 2 vats of juice is $5, then you would plot a point at (1.5, 5).) Then use the purple points (diamond symbol) to put the average-variable cost curve starting at 1 vat of juice, and use the green points (triangle symbol) to plot the average-total-cost curve also starting at 1 vat of juice. Marginal Col Average Total Co Which of the following statements are true according to the previous graph? Check all that apply. The marginal cost curve lies above the average-variable-cost curve. The marginal cost curve is below the average-total-cost curve when output is greater than four and average total cost is rising The marginal cost curve is below the average-total-cost curve when output is less than four and average total cost is declining

Essentials of Economics (MindTap Course List)
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 9PA
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9. Firm's Cost Schedule Gilberto's Juice Bar has the following cost schedules: In the following table, complete the marginal cost, average variable cost, and average total cost columns. Quantity Variable Cost Total Cost Marginal Cost (Vats of juice) (Dollars) (Dollars) (Dollars) Average Variable Cost Average Total Cost (Dollars) (Dollars) о 0 30 1 2 3 4 5 100 135 ' བྷ ཐཱུ བྷཱུ ཋ ཏྟཱ ཤྲཱ 10 40 55 45 75 70 100 130 165 On the following graph, use the orange points (square symbol) to plot the marginal-cost curve for Gilberto's Juice Bar. (Note: Be sure to plot from left to right and to plot between integers. For example, if the marginal cost of increasing production from 1 vat of juice to 2 vats of juice is $5, then you would plot a point at (1.5, 5).) Then use the purple points (diamond symbol) to plot the average-variable cost curve starting at 1 vat of juice, and use the green points (triangle symbol) to plot the average-total-cost curve also starting at 1 vat of juice. Cast 8 20 я 20 15 10 5 2 4 5 4 Quantity (Vats of juice) Marginal Cost Average Variable Cost Average Total Cost Which of the following statements are true according to the previous graph? Check all that apply. The marginal-cost curve lies above the average-variable-cost curve. The marginal-cost curve is below the average-total-cost curve when output is greater than four and average total cost is rising. The marginal-cost curve is below the average-total-cost curve when output is less than four and average total cost is declining.
Transcribed Image Text:9. Firm's Cost Schedule Gilberto's Juice Bar has the following cost schedules: In the following table, complete the marginal cost, average variable cost, and average total cost columns. Quantity Variable Cost Total Cost Marginal Cost (Vats of juice) (Dollars) (Dollars) (Dollars) Average Variable Cost Average Total Cost (Dollars) (Dollars) о 0 30 1 2 3 4 5 100 135 ' བྷ ཐཱུ བྷཱུ ཋ ཏྟཱ ཤྲཱ 10 40 55 45 75 70 100 130 165 On the following graph, use the orange points (square symbol) to plot the marginal-cost curve for Gilberto's Juice Bar. (Note: Be sure to plot from left to right and to plot between integers. For example, if the marginal cost of increasing production from 1 vat of juice to 2 vats of juice is $5, then you would plot a point at (1.5, 5).) Then use the purple points (diamond symbol) to plot the average-variable cost curve starting at 1 vat of juice, and use the green points (triangle symbol) to plot the average-total-cost curve also starting at 1 vat of juice. Cast 8 20 я 20 15 10 5 2 4 5 4 Quantity (Vats of juice) Marginal Cost Average Variable Cost Average Total Cost Which of the following statements are true according to the previous graph? Check all that apply. The marginal-cost curve lies above the average-variable-cost curve. The marginal-cost curve is below the average-total-cost curve when output is greater than four and average total cost is rising. The marginal-cost curve is below the average-total-cost curve when output is less than four and average total cost is declining.
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