Please show work no excel Ski Boards, Inc., wants to enter the market quickly with a new finish on its ski boards. It has three choices:(a) refurbish the old equipment at a cost of $250,(b) make major modifications at the cost of $1,000, or(c) purchase new equipment at a net cost of $1,750.If the firm chooses to refurbish the equipment, materials and labor will be $1.10 per board. If it chooses tomake modifications, materials and labor will be $0.75 per board. If it buys new equipment, variable costs areestimated to be $0.40 per board.a) On the graph to the right, use the line drawing tool to draw the total cost curve for each option. Label thecurves TC₂, TC, and TCC, respectively.Note: Carefully follow the instructions above and only draw the required objects.Dollars8,000-7,50047,000-6,5006,000-5,500-5,000-4,500-4,000-3,500-3,000-2,500-2,000-1,500-1,000-500-0-to01,000 2,0003,000Boardso4,000 5,000

A total cost curve is a graph that represents the total costs of production as a function of the…

Answered: a) On the graph to the right, use the…

a) On the graph to the right, use the line drawing tool to draw the total cost curve for each option Label the curves TC₂. TC, and TCc, respectively

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please show work no excel

Ski Boards, Inc., wants to enter the market quickly with a new finish on its ski boards. It has three choices:
(a) refurbish the old equipment at a cost of $250,
(b) make major modifications at the cost of $1,000, or
(c) purchase new equipment at a net cost of $1,750.
If the firm chooses to refurbish the equipment, materials and labor will be $1.10 per board. If it chooses to
make modifications, materials and labor will be $0.75 per board. If it buys new equipment, variable costs are
estimated to be $0.40 per board.
a) On the graph to the right, use the line drawing tool to draw the total cost curve for each option. Label the
curves TC₂, TC, and TCC, respectively.
Note: Carefully follow the instructions above and only draw the required objects.
Dollars
8,000-
7,5004
7,000-
6,500
6,000-
5,500-
5,000-
4,500-
4,000-
3,500-
3,000-
2,500-
2,000-
1,500-
1,000-
500-
0-
to
0
1,000 2,000
3,000
Boards
o
4,000 5,000

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Step 1: Introduce the concept of total cost curve

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Step 2: a) Draw the total cost curve of each option.

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