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)

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 4PA

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340 425 540 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 curves, 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 ATC 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 MC 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 1 4 QUANTITY OF OUTPUT (Pairs of boots) COSTS (Dollars per pair) 8 6
Douglas 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 various production quantities. Fill in the remaining cells of the following table. Variable Cost Average Variable Cost Average Total Cost Quantity Total Cost Marginal Cost Fixed Cost (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) (Pairs) (Dollars) 120 1 200 240 285 4 340 425 540 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 $200, so you should start your ATC curve by placing a green point at (1, 200). For MC, plot the points between the integers: For example, the MC of…