Please help solve and explainMy answer may be wrong, need help understanding ### Cost Curves DiagramThis graph illustrates different cost curves relevant to the production of boots, showing how costs vary with quantity. #### Axes:- **Vertical Axis (Y-axis):** Represents costs measured in dollars per pair.- **Horizontal Axis (X-axis):** Represents the quantity of pairs of boots.#### Legend:- **ATC (Average Total Cost):** Indicated by a green triangle.- **AVC (Average Variable Cost):** Indicated by a purple diamond.- **MC (Marginal Cost):** Indicated by an orange square.#### Analysis:The graph does not have any data points plotted yet, but it is set up to analyze the changes in cost for up to 6 pairs of boots. This setup helps in understanding how producing more pairs affects the total, variable, and marginal costs. ### Educational Focus:Students can explore how these cost measures interact with each other, typically observing that:- MC may initially decrease with increased production due to economies of scale, then increase due to diseconomies.- ATC and AVC often have similar shapes but ATC includes fixed costs, causing it to generally be higher than AVC.This foundational concept in economics helps in making decisions regarding production levels and pricing strategies. Douglas Fur is a small manufacturer of fake-fur boots in Philadelphia. 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 | 60 | | 60 | 0 | | || 1 | 160 | 100 | 60 | | | || 2 | 220 | 60 | 60 | 210 | | || 3 | 270 | 50 | 60 | | | || 4 | 340 | 70 | 60 | 280 | | || 5 | 450 | 110 | 60 | 390 | | || 6 | 630 | 180 | 60 | 570 | | |The table provides data on various cost metrics associated with different production quantities for Douglas Fur. The key metrics include Total Cost, Marginal Cost, Fixed Cost, Variable Cost, Average Variable Cost, and Average Total Cost. - **Marginal Cost** is the additional cost of producing one more pair.- **Fixed Cost** remains constant regardless of the production quantity.- **Variable Cost** changes with the production quantity.- **Average Variable Cost** is the Variable Cost per pair produced.- **Average Total Cost** is the Total Cost per pair produced.The task involves calculating the missing values in the table based on the data given and the relationships between these metrics.

find below the filled answersFollowing are the formulas: Total Cost= Fixed Cost+ Variable Cost Marginal Cost= Change in Cost/Change in quantity Fixed Cost is always fixed during the production. Variable Cost= Total Cost-Fixed Cost Average Variable Cost= Variable Cost/ Quantity Average Total cost=Total Cost/Quantity Quantity Total cost Marginal cost Fixed cost Variable cost Average variable cost Average total cost 0 60 - 60 - - - 1 160 (160-60)/(1-0)=100 60 100 100/1=100 160/1=160 2 220 60 60 160 80 110 3 270 50 60 210 70 90 4 340 70 60 280 70 85 5 450 110 60 390 78 90 6 630 180 60 570 95 105

Business

Economics

Douglas Fur is a small manufacturer of fake-fur boots in Philadelphia. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) Quantity Total Cost Marginal Cost Fixed Cost Variable Cst (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) 60 60 100 160 60 100 60 2 220 60 210 50 270 60 110 70 4 340 60 280 110 5 450 60 390 180 6 630 60 570 8 8 8 8 8 88

Douglas Fur is a small manufacturer of fake-fur boots in Philadelphia. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) Quantity Total Cost Marginal Cost Fixed Cost Variable Cst (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) 60 60 100 160 60 100 60 2 220 60 210 50 270 60 110 70 4 340 60 280 110 5 450 60 390 180 6 630 60 570 8 8 8 8 8 88

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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