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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![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.
Average Total Cost
(Dollars)
Quantity
Variable Cost
Total Cost
Marginal Cost
Average Variable Cost
(Vats of juice)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
30
1
35
2
15
45
3
30
60
4
50
80
5
75
105
6
105
135](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc1a9c439-91af-4d96-a160-0e220e82a4ad%2F03b2f154-6d1d-4d94-935c-7f354393070f%2Fb6a221d_processed.png&w=3840&q=75)
Transcribed Image Text: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.
Average Total Cost
(Dollars)
Quantity
Variable Cost
Total Cost
Marginal Cost
Average Variable Cost
(Vats of juice)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
30
1
35
2
15
45
3
30
60
4
50
80
5
75
105
6
105
135
![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 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.
40
35
Marginal Cost
30
25
Average Variable Cost
20
15
Average Total Cost
10
1
2
3
4
6
Quantity (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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc1a9c439-91af-4d96-a160-0e220e82a4ad%2F03b2f154-6d1d-4d94-935c-7f354393070f%2Fp6c4o0f_processed.png&w=3840&q=75)
Transcribed Image Text: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 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.
40
35
Marginal Cost
30
25
Average Variable Cost
20
15
Average Total Cost
10
1
2
3
4
6
Quantity (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
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