**Various Measures of Cost**Douglas Fur is a small manufacturer of fake-fur boots in San Diego. 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 | | | | | || 1 | 155 | | | | | || 2 | 220 | | | | | || 3 | 255 | | | | | || 4 | 300 | | | | | || 5 | 350 | | | | | || 6 | 450 | | | | | |**Instructions for Plotting:**- **Average Total Cost (ATC) Curve:** Use the green points (triangle symbol).- **Average Variable Cost (AVC) Curve:** Use the purple points (diamond symbol).- **Marginal Cost (MC) Curve:** Use the orange points (square symbol).**Hints:**- For ATC and AVC, plot points on the integer. For example, the ATC of producing one pair of boots is $155, so start the ATC curve by placing a green point at (1, 155).- For MC, plot points between integers. For example, the MC of increasing production from zero to one pair of boots is $95, so start the MC curve by placing an orange square at (0.5, 95). **Note**: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.**Graph Explanation:**The graph is a plot illustrating cost curves in relation to the quantity of pairs of boots produced. The axes are defined as follows:- The horizontal axis (x-axis) represents the "QUANTITY (Pairs of boots)" ranging from 0 to 6.- The vertical axis (y-axis) represents the "COSTS (Dollars per pair)" ranging from 0 to 200.**Key Components:**1. **ATC (Average Total Cost):** Represented by green triangular markers.2. **AVC (Average Variable Cost):** Represented by purple diamond markers.3. **MC (Marginal Cost):** Represented by orange square markers.Each type of cost is marked distinctly with different symbols, and when plotted, line segments will automatically connect these points to visualize the trends for ATC, AVC, and MC as the production quantity increases.

Answered: Image /qna-images/answer/85c7a47c-6e84-4112-9c77-45312ced9586.jpg

Fill in the remaining cells of the following table. Marginal Cost (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) Quantity Total Cost Fixed Cost Variable Cost (Pairs) (Dollars) (Dollars) (Dollars) 60 1 155 2 220 3 255 4 300 5 350 6 450

Fill in the remaining cells of the following table. Marginal Cost (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) Quantity Total Cost Fixed Cost Variable Cost (Pairs) (Dollars) (Dollars) (Dollars) 60 1 155 2 220 3 255 4 300 5 350 6 450

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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