(AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: ForATC 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 byplacing a green point at (1, 210). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair ofboots is $90, so you should start your MC curve by placing an orange square at (0.5, 90).)Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.240210ATC180AVC150120MC9060309 MCOSTS (Dollars per pair) Douglas Fur is a small manufacturer of fake-fur boots in Miami. The following table shows the company's total cost of production at various productionquantities.Fill in the remaining cells of the following table.Average Variable Cost(Dollars per pair)Average Total Cost(Dollars per pair)QuantityTotal CostMarginal CostFixed CostVariable Cost(Pairs)(Dollars)(Dollars)(Dollars)(Dollars)120-21027031543805.4756.630On 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: ForATC 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 by210) For MC. plot the points between the integers: For examnle the MC of increasing nroduction from zero to one nair ofplacing a green noint at (1M

The MC is related to AVC and ATC. These costs will fall as long as the marginal cost is less than…

Es is $90, so you should start your MC curve by placing an ange squa e: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 240 210 ATC 180 AVC 150 120 MC 90 60 30

Es is $90, so you should start your MC curve by placing an ange squa e: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 240 210 ATC 180 AVC 150 120 MC 90 60 30

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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