4. Various measures of costDouglas Fur is a small manufacturer of fake-fur boots in Denver. The following table shows the company’s total cost of production at various production quantities. Fill in the remaining cells of the following table.QuantityTotal CostMarginal CostFixed CostVariable CostAverage Variable CostAverage Total Cost(Pairs)(Dollars)(Dollars)(Dollars)(Dollars)(Dollars per pair)(Dollars per pair)1201209012101206022701204533151206543801209554751201556630120On 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 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.240A210ATC180150AVC120MC9060301356.QUANTITY (Pairs of boots)COSTS (Dollars per pair)

Marginal cost = (change in total cost / change in quantity) Fixed cost is equal to the total cost at…

Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 120 120 90 1. 210 120 60 2 270 120

Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 120 120 90 1. 210 120 60 2 270 120

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 1SCQ: A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and...

See similar textbooks

4. Various measures of cost

Douglas Fur is a small manufacturer of fake-fur boots in Denver. 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
Marginal Cost
Fixed Cost
Variable Cost
Average Variable Cost
Average Total Cost
(Pairs)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
(Dollars per pair)
(Dollars per pair)
120
120
90
1
210
120
60
2
270
120
45
3
315
120
65
4
380
120
95
5
475
120
155
6
630
120
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 $210, so you should start your ATC curve by
placing 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 of
boots 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.
240
A
210
ATC
180
150
AVC
120
MC
90
60
30
1
3
5
6.
QUANTITY (Pairs of boots)
COSTS (Dollars per pair)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

explain with diagram
Douglas Fur is a small manufacturer of fake-fur boots in New York City. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Variable Cost Average Variable Cost Average Total Cost Quantity Total Cost Marginal Cost Fixed Cost (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) (Pairs) (Dollars) 120 1 200 240 285 4 340 425 540 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 $200, so you should start your ATC curve by placing a green point at (1, 200). For MC, plot the points between the integers: For example, the MC of…
We have the results from our first Facebook ad campaign. The following table summarizes the results broken down by age and whether the person seeing the add clicked through. Age 40 or under 85 Age more than 40 65 Total Clicked Through 150 Did Not Click 590 260 850 Total 675 325 1000 For our up(combing) (pun intended) campaign, I want to make it as effective as possible, a cut above all other ad campaigns! I'm thinking that since 85 (or 56.7%) of the 150 people who clicked through to our website are age 40 or less, we should focus our ads to only younger people. I'm not great with number though, and since I know you had a stats class in college, I wanted to get your opinion. Should we focus our adds only to those age 40 and under or should we do something else?
E1
Briefly define
Could you provide some graphs on the above?
As part of its bankruptcy restructuring, General Motors (GM) launched an ad campaign that revealed glimmers of a streamlined GM: fewer brands (Cadillac, Buick, Chevrolet, GMC) and fewer models within each brand A. What research would you have done to determine which vehicle models GM should retain and which it should drop? B. What would you have measured and with what type of measurement scale?
Typed plz Please do all parts if not than hang on don't answer than Take care of plagiarism also and high quality
Table 1. Hypothetical Cost Schedule Quantity TFC TVC TC 0 30 0 1 30 15 2 30 20 3 30 23 4 30 28 5 30 38 6 30 60 From the given table 1, show the graphical solution where quantity is the X-axis, and TFC, TVC, TC is the Y-axis and what does the graph implies
draw an isocost/isoquant diagram for the question.
Fill in for each letter in the given Table:
What is the summary of the video "See the true cost of your cheap chicken"