9. Firm's Cost ScheduleJane's Juice Bar has the following cost schedules:In the following table, complete the marginal cost, average variable cost, and average total cost columns.Average Total Cost(Dollars)QuantityVariable CostTotal CostMarginal CostAverage Variable Cost(Vats of juice)(Dollars)(Dollars)(Dollars)(Dollars)301352154533060450805751056105135 On the following graph, use the orange points (square symbol) to plot the marginal-cost curve for Jane's Juice Bar. (Note: Be sure to plot from left toright 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 youwould 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 usethe green points (triangle symbol) to plot the average-total-cost curve also starting at 1 vat of juice.4035Marginal Cost3025Average Variable Cost2015Average Total Cost1012346Quantity (Vats of juice)Which of the following statements are true according to the previous graph? Check all that apply.O The marginal-cost curve lies below the average-variable-cost curve.O The marginal-cost curve is above the average-total-cost curve when output is greater than four and average total cost is rising.O The marginal-cost curve is below the average-total-cost curve when output is greater than four and average total cost is rising.Costs

1. Marginal cost = Change in costs / Change in quantity 2. Average Variable Cost = Variable…

9. Firm's Cost Schedule Jane'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 Average Variable Cost Average Total Cost (Dollars) Marginal Cost (Vats of juice) (Dollars) (Dollars) (Dollars) (Dollars) 30 1 5 35 2 15 45 3 30 60 4 50 80 5 75 105 105 135

9. Firm's Cost Schedule Jane'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 Average Variable Cost Average Total Cost (Dollars) Marginal Cost (Vats of juice) (Dollars) (Dollars) (Dollars) (Dollars) 30 1 5 35 2 15 45 3 30 60 4 50 80 5 75 105 105 135

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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