Douglas Fur is a small manufacturer of fake-fur boots in Chicago. 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 Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 120 80 1 200 40 2 240 45 3 285 55 340 85
Douglas Fur is a small manufacturer of fake-fur boots in Chicago. 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 Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 120 80 1 200 40 2 240 45 3 285 55 340 85
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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I was able to fill out the first column, but I'm having trouble with the remaining columns of the table that is attached to this question. If you could please help me understand how to complete these calculations, that would be great! Thanks!
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