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antity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost irs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 120 1 200 2 240 285 4 340 425 6. 540 3.

antity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost irs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 120 1 200 2 240 285 4 340 425 6. 540 3.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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**Douglas Fur Production Cost Analysis** Douglas Fur is a small manufacturer of fake-fur boots in Detroit. 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 (Pairs) | Total Cost (Dollars) | Marginal Cost (Dollars) | Fixed Cost (Dollars) | Variable Cost (Dollars) | Average Variable Cost (Dollars per pair) | Average Total Cost (Dollars per pair) | |-------------------|----------------------|-------------------------|----------------------|-------------------------|-------------------------------------------|-------------------------------------| | 0 | 120 | | | | | | | 1 | 200 | | | | | | | 2 | 240 | | | | | | | 3 | 285 | | | | | | | 4 | 340 | | | | | | | 5 | 425 | | | | | | | 6 | 540 | | | | | | **Instructions for Completing the Graph:** - **Average Total Cost (ATC) Curve:** Plot Douglas Fur's ATC curve using the green points (triangle symbol). - **Average Variable Cost (AVC) Curve:** Plot the AVC curve using the purple points (diamond symbol). - **Marginal Cost (MC) Curve:** Plot the MC curve using the orange points (square symbol). **Guidelines:** - **ATC and AVC:** Plot points on the integer. For example, the ATC of producing one pair of boots is $200, so start your ATC curve by placing a green point at (1, 200). - **MC:** Plot points between the integers. For example, the MC of increasing production from zero to one pair of boots is $80, so start your MC curve by placing an orange square at (0.5, 80). This exercise helps visualize and analyze cost structures in manufacturing, aiding in understanding the economic principles behind production cost management.
Transcribed Image Text:**Douglas Fur Production Cost Analysis** Douglas Fur is a small manufacturer of fake-fur boots in Detroit. 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 (Pairs) | Total Cost (Dollars) | Marginal Cost (Dollars) | Fixed Cost (Dollars) | Variable Cost (Dollars) | Average Variable Cost (Dollars per pair) | Average Total Cost (Dollars per pair) | |-------------------|----------------------|-------------------------|----------------------|-------------------------|-------------------------------------------|-------------------------------------| | 0 | 120 | | | | | | | 1 | 200 | | | | | | | 2 | 240 | | | | | | | 3 | 285 | | | | | | | 4 | 340 | | | | | | | 5 | 425 | | | | | | | 6 | 540 | | | | | | **Instructions for Completing the Graph:** - **Average Total Cost (ATC) Curve:** Plot Douglas Fur's ATC curve using the green points (triangle symbol). - **Average Variable Cost (AVC) Curve:** Plot the AVC curve using the purple points (diamond symbol). - **Marginal Cost (MC) Curve:** Plot the MC curve using the orange points (square symbol). **Guidelines:** - **ATC and AVC:** Plot points on the integer. For example, the ATC of producing one pair of boots is $200, so start your ATC curve by placing a green point at (1, 200). - **MC:** Plot points between the integers. For example, the MC of increasing production from zero to one pair of boots is $80, so start your MC curve by placing an orange square at (0.5, 80). This exercise helps visualize and analyze cost structures in manufacturing, aiding in understanding the economic principles behind production cost management.
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