Please follow instructions and use all graphs. Show work. Thank you Below are two pairs of almond production cost curves showing technological change in irrigation from sprinkler to drip (C to D and E to F). Assume a market price of $60/unit. For each set of curves, label the curves and fill in the tables that indicate the profit-maximizing level of output (Q*), the marginal cost (MC), the average total cost (ATC), the total revenue (TR), the total cost (TC), the total profit (π*), and the average profit (Aπ*) for each pair of cost curves. Make sure to draw the appropriate lines in the graphs and show your calculations (show your work) below the table.**Graph Description:**- The graph shows two sets of cost curves, labeled C and D.- The horizontal axis represents Quantity (in units).- The vertical axis represents Price (in dollars).- Both curves display variations in costs based on quantity produced.**Table for Calculations:**| Cost Curves | Price | Q* | MC | ATC | TR | TC | π* | Aπ* ||-------------|-------|----|----|-----|----|----|----|----|| C | | | | | | | | || D | | | | | | | | | ### Cost Curves E & F#### Graph DescriptionThe graph above displays cost curves labeled E and F. The horizontal axis represents the quantity, ranging from 0 to 55 units. The vertical axis denotes price, ranging from 0 to 105. The graph features two intersecting curves labeled E and F.- **Curve E**: Starts lower on the vertical axis and rises more steeply.- **Curve F**: Initially higher and then intersects with Curve E.- Both curves have sections where they slope upwards and downwards, indicating variable cost behaviors over different quantities.#### Table ExplanationBelow the graph, there is a table designed to record various economic metrics related to cost curves E and F. The columns of the table include:- **Cost Curves**: Identifies the curve, either E or F.- **Price**: Represents the selling price.- **Q\***: Represents the equilibrium quantity.- **MC**: Marginal Cost.- **ATC**: Average Total Cost.- **TR**: Total Revenue.- **TC**: Total Cost.- **π\***: Profit.- **Aπ\***: Average Profit.This table provides a framework for analyzing different economic scenarios using the cost curves, allowing learners to fill in and interpret data based on the given graph.

Optimal level of production is achieved at the point where marginal revenue equals marginal cost .…

Below are two pairs of almond production cost curves showing technological change in irrigation from sprinkler to drip (C to D and E to F). Assume a market price of $60/unit. For each set of curves, label the curves and fill in the tables that indicates the profit-maximizing level of output (Q*), the marginal cost (MC), the average total cost (ATC), the total revenue (TR), the total cost (TC), the total profit (*), and, the average profit (Ar*) for each pair of costs curves. Make sure to draw the appropriate lines in the graphs and show your calculations (show your work) below the table.

Below are two pairs of almond production cost curves showing technological change in irrigation from sprinkler to drip (C to D and E to F). Assume a market price of $60/unit. For each set of curves, label the curves and fill in the tables that indicates the profit-maximizing level of output (Q), the marginal cost (MC), the average total cost (ATC), the total revenue (TR), the total cost (TC), the total profit (), and, the average profit (Ar*) for each pair of costs curves. Make sure to draw the appropriate lines in the graphs and show your calculations (show your work) below the table.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please follow instructions and use all graphs. Show work. Thank you

Below are two pairs of almond production cost curves showing technological change in irrigation from sprinkler to drip (C to D and E to F). Assume a market price of $60/unit. For each set of curves, label the curves and fill in the tables that indicate the profit-maximizing level of output (Q*), the marginal cost (MC), the average total cost (ATC), the total revenue (TR), the total cost (TC), the total profit (π*), and the average profit (Aπ*) for each pair of cost curves. Make sure to draw the appropriate lines in the graphs and show your calculations (show your work) below the table.

**Graph Description:**

- The graph shows two sets of cost curves, labeled C and D.
- The horizontal axis represents Quantity (in units).
- The vertical axis represents Price (in dollars).
- Both curves display variations in costs based on quantity produced.

**Table for Calculations:**

| Cost Curves | Price | Q* | MC | ATC | TR | TC | π* | Aπ* |
|-------------|-------|----|----|-----|----|----|----|----|
| C | | | | | | | | |
| D | | | | | | | | |

### Cost Curves E & F

#### Graph Description
The graph above displays cost curves labeled E and F. The horizontal axis represents the quantity, ranging from 0 to 55 units. The vertical axis denotes price, ranging from 0 to 105. The graph features two intersecting curves labeled E and F.

- **Curve E**: Starts lower on the vertical axis and rises more steeply.
- **Curve F**: Initially higher and then intersects with Curve E.
- Both curves have sections where they slope upwards and downwards, indicating variable cost behaviors over different quantities.

#### Table Explanation
Below the graph, there is a table designed to record various economic metrics related to cost curves E and F. The columns of the table include:

- **Cost Curves**: Identifies the curve, either E or F.
- **Price**: Represents the selling price.
- **Q\***: Represents the equilibrium quantity.
- **MC**: Marginal Cost.
- **ATC**: Average Total Cost.
- **TR**: Total Revenue.
- **TC**: Total Cost.
- **π\***: Profit.
- **Aπ\***: Average Profit.

This table provides a framework for analyzing different economic scenarios using the cost curves, allowing learners to fill in and interpret data based on the given graph.

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PRINT YOUR NAME (LAST) (FIRST) Aggregate Cost Data Unit Cost Data Average Average Average I Fixed Variable Total Cost TC Marginal Quantity Fixed Variable Total Change in I Cost of Output (FC) (VC) Cost ATC Cost Cost Total Cost (TC) (ATC) Plot MC at Output Cost Cost IFC VC $600 $ 0 $ 600 I XX XX XX XX $3.00 $300 50 100 600 300 900 I $6.00 $3.00 $9.00 100 1.00 150 200 600 400 | 3.00 2.00 5.00 50 .50 - 250 300 1050 I 2.00 1.50 1.00 350 400 1150 I 1.50 1.38 2.88 200 2.00 - 450 500 600 750 1350 I 1.20 1.50 550 600 600 1200 1800 3.00 10.00 - 650 700 2200 2800 I.85 3.15 PLOT THE APPROPRIATE DATA FROM THE PRECEDING TABLE ON THE GRAPHS ON P. 134 AND 135 BEFORE ANSWERING THE EIGHT QUESTIONS BELOW. QUESTIONS 5-8 ARE ON PAGE 136. 1. How is marginal cost (ATC/AQ) represented in your graph on page 134? 2. On your graph on page 135 Variable Cost per unit (VC/Q or average variable cost) is at a minimum at an output level of, units. 3. On your graph on page 135 Total Cost per unit (TC/Q or average…