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Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost (Pairs) (Dollars) (Dollars) (Dollars) 0 1 2 3 5 6 60 155 220 255 300 350 450 Variable Cost (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) On 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: For

Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost (Pairs) (Dollars) (Dollars) (Dollars) 0 1 2 3 5 6 60 155 220 255 300 350 450 Variable Cost (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) On 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: For

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. Various measures of cost 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 production quantities. Fill in the remaining cells of the following table. Quantity Total Cost (Pairs) (Dollars) (Dollars per pair) 200 175 On 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: For ATC and AVC nint the ninte on the intenar for avample the ATC of nendurinn one nair of honte le 155 en unir child start unir ATC curve hu 150 0 1 On 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: For ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $155, so you should start your ATC curve by placing a green point at (1, 155). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of boots is $95, so you should start your 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. (?) 125 2 3 4 5 6 100 60 155 220 255 300 350 450 Marginal Cost Fixed Cost Variable Cost Average Variable Cost (Dollars) (Dollars) (Dollars) (Dollars per pair) A ATC 4 Average Total Cost (Dollars per pair) AVC 6
Transcribed Image Text:1. Various measures of cost 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 production quantities. Fill in the remaining cells of the following table. Quantity Total Cost (Pairs) (Dollars) (Dollars per pair) 200 175 On 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: For ATC and AVC nint the ninte on the intenar for avample the ATC of nendurinn one nair of honte le 155 en unir child start unir ATC curve hu 150 0 1 On 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: For ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $155, so you should start your ATC curve by placing a green point at (1, 155). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of boots is $95, so you should start your 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. (?) 125 2 3 4 5 6 100 60 155 220 255 300 350 450 Marginal Cost Fixed Cost Variable Cost Average Variable Cost (Dollars) (Dollars) (Dollars) (Dollars per pair) A ATC 4 Average Total Cost (Dollars per pair) AVC 6
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