CENGAGE MINDTAPHomework (Ch 07)On the following graph, plot Douglas Fur's average total cost curve (ATC) using the green points (triangle symbol). Next, plot its average variable costcurve (AVC) using the purple points (diamond symbol). Finally, plot its marginal cost curve (MC) using the orange points (square symbol). (Hint: ForATC and AVC, plot the points on the integer: For example, the average total cost of producing one pair of boots is $200, so you should start youraverage total cost curve by placing a green point at (1, 200). For marginal cost, plot the points between the integers: For example, the marginal costof increasing production from zero to one pair of boots is $80, so you should start your marginal cost curve by placing an orange square at (0.5, 80).)Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.(?200175ATC150125AVC100MC755025134QUANTITY OF OUTPUT (Pairs of boots)COST PER UNIT (Dollars per pair) CENGAGEMINDTAPHomework (Ch 07)2. Short-run cost formulasDouglas Fur is a small manufacturer of fake-fur boots in New York City. The following table shows the company's total cost of production at variousproduction quantities.Fill in the remaining cells of the table.Total ProductTotal CostMarginal CostTotal Fixed CostTotal Variable CostAverage Variable CostAverage Total Cost(Pairs)(Dollars)(Dollars)(Dollars)(Dollars)(Dollars per pair)(Dollars per pair)120200224028543404256.540On the following graph, plot Douglas Fur's average total cost curve (ATC) using the green points (triangle symbol). Next, plot its average variable costcurve (AVC) using the purple points (diamond symbol). Finally, plot its marginal cost curve (MC) using the orange points (square symbol). (Hint: ForATC and AVC, plot the points on the integer: For example, the average total cost of producing one pair of boots is $200, so you should start youraverage total cost curve by placing a green point at (1, 200). For marginal cost, plot the points between the integers: For example, the marginal costof increasing production from zero to one pair of boots is $80, so you should start your marginal cost curve by placing an orange square at (0.5, 80).)Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.

* CENGAGE MINDTAP Homework (Ch 07) On the following graph, plot Douglas Fur's average total cost curve (ATC) using the green points (triangle symbol). Next, plot its average variable cost curve (AVC) using the purple points (diamond symbol). Finally, plot its marginal cost curve (MC) using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer: For example, the average total cost of producing one pair of boots is $200, so you should start your average total cost curve by placing a green point at (1, 200). For marginal cost, plot the points between the integers: For example, the marginal cost of increasing production from zero to one pair of boots is $80, so you should start your marginal cost curve by placing an orange square at (0.5, 80).) Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 200 175 ATC 150 125 AVC 100 MC 75 50 25 2 QUANTITY OF OUTPUT (Pairs of boots) COST PER UNIT (Dollars per pair)

* CENGAGE MINDTAP Homework (Ch 07) On the following graph, plot Douglas Fur's average total cost curve (ATC) using the green points (triangle symbol). Next, plot its average variable cost curve (AVC) using the purple points (diamond symbol). Finally, plot its marginal cost curve (MC) using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer: For example, the average total cost of producing one pair of boots is $200, so you should start your average total cost curve by placing a green point at (1, 200). For marginal cost, plot the points between the integers: For example, the marginal cost of increasing production from zero to one pair of boots is $80, so you should start your marginal cost curve by placing an orange square at (0.5, 80).) Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 200 175 ATC 150 125 AVC 100 MC 75 50 25 2 QUANTITY OF OUTPUT (Pairs of boots) COST PER UNIT (Dollars per pair)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Until recently, Mark worked as a financial advisor, earning $65,000 annually. Then he inherited a piece of commercial real estate that had been renting for $14,000 annually. Mark decided to leave his job and operate a sea food restaurant in the space he inherited. At the end of the first year, his books showed total revenues of $300,000, and paid a total cost of $200,000 for food, utilities, cooks, and other supplies: Show all your work including formulas learned to support your answer for each of the following: A) Calculate his explicit costs: B) Calculate his implicit costs. C) Calculate his accounting profits. D) Calculate his economic profits.
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Suppose the imaginary company of Panthera is a small, Raleigh-based American apparel manufacturer specializing in athleisure. The following table presents the brand's total cost of production at several different quantities. Fill in the remaining cells of the following table. Quantity Total Cost (Pairs) (Dollars) Marginal Cost (Dollars) Fixed Cost Variable Cost (Dollars) (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) 0 120 1 210 2 270 3 315 4 380 475 6 630
Suppose the imaginary company of Panthera is a small, Reno-based American apparel manufacturer specializing in athleisure. The following table presents the brand's total cost of production at several different quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost Variable Cost (Pairs) (Dollars) (Dollars) о 120 1 210 2 270 3 315 4 380 5 475 6 630 (Dollars) (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $210, so you should start your ATC curve by placing a green point at (1, 210). For MC, plot the…
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