---**Graph Instructions for Douglas Fur's Cost Curves****Objective**: Plot the following cost curves for Douglas Fur's production of boots:1. Average Total Cost (ATC)2. Average Variable Cost (AVC)3. Marginal Cost (MC)### Instructions:1. **Plot ATC Curve**: - Use the **green points (triangle symbol)**. - Plot points on the integer values of quantity. - Example: The ATC of producing one pair of boots is $200, so place a green triangle at (1, 200).2. **Plot AVC Curve**: - Use the **purple points (diamond symbol)**. - Plot points on the integer values of quantity. - Follow similar procedures for each corresponding AVC value.3. **Plot MC Curve**: - Use the **orange points (square symbol)**. - Plot points between the integer values of quantity. - Example: The MC of increasing production from zero to one pair of boots is $80, so place an orange square at (0.5, 80).**Note**: Plot points in the order you would like them connected. Line segments will connect the points automatically.### Detailed Graph Explanation:This graphical representation includes:- **X-Axis**: Quantity (Pairs of boots), ranging from 0 to 6.- **Y-Axis**: Costs (Dollars per pair), ranging from 0 to 200.- **Legend**: - **ATC**: Green triangles - **AVC**: Purple diamonds - **MC**: Orange squares- The graph area will help in visualizing cost behaviors as production quantity changes.---By following these instructions, you will successfully plot the cost curves required for Douglas Fur's boot production analysis. **4. Various measures of cost**Douglas Fur is a small manufacturer of fake-fur boots in San Francisco. 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 | 120 | | | | | || 1 | 200 | | | | | || 2 | 240 | | | | | || 3 | 285 | | | | | || 4 | 340 | | | | | || 5 | 425 | | | | | || 6 | 540 | | | | | |

The total cost at every level of output is given. The cost that is incurred at 0 level of output is…

Fill in the remaining cells of the following table. Average Total Cost (Dollars per pair) Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) 120 1 200 240 285 4 340 425 6. 540

Fill in the remaining cells of the following table. Average Total Cost (Dollars per pair) Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) 120 1 200 240 285 4 340 425 6. 540

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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