The following table shows a company's total cost of production at various production quantities.Fill in the remaining cells of the table. (Note: If a value is a decimal, round to the nearest integer.)Average FixedCostAverage TotalCostFixedVariableTotalMarginalAverage VariableQuantityCostCostCostCostCost(Pairs)(Dollars)(Dollars)(Dollars)(Dollars)(Dollars)(Dollars per pair)(Dollars per pair)1501501150602102150105255315013528541501503001501803306.15024039071503454951504956459.150675825On the following graph, plot the company's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variablecost (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 average total cost of producing one pair of boots is $210, so you should start youraverage total cost curve by placing a green point at (1, 210). For marginal cost, plot the points between the integers. For example, the marginal costof increasing production from 0 to 1 unit is $60, so you should start your marginal cost curve by placing an orange square at (0.5, 60).)Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.LO On the following graph, plot the company's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variablecost (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 average total cost of producing one pair of boots is $210, so you should start youraverage total cost curve by placing a green point at (1, 210). For marginal cost, plot the points between the integers. For example, the marginal costof increasing production from 0 to 1 unit is $60, so you should start your marginal cost curve by placing an orange square at (0.5, 60).)Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.225210195АТС180165150135AVC12010590MC7560453015+++++2456789.QUANTITY OF OUTPUTCOSTS (Dollars)

MC = Change in TC / Change in Q AFC = TFC / Q AVC = TVC / Q ATC = TC / Q Q TFC TVC TC MC AFC AVC…

Fill in the remaining cells of the table. (Note: If a value is a decimal, round to the nearest integer.) Fixed Cost Variable Cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost Quantity (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 150 150 1 150 60 210 2 150 105 255 150 135 285 4 150 150 300 5 150 180 330 6 150 240 390 7 150 345 495 AMAAA

Fill in the remaining cells of the table. (Note: If a value is a decimal, round to the nearest integer.) Fixed Cost Variable Cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost Quantity (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 150 150 1 150 60 210 2 150 105 255 150 135 285 4 150 150 300 5 150 180 330 6 150 240 390 7 150 345 495 AMAAA

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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7. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of Factories Q = 100 440 580 720 1 2 3 Q = 200 320 400 480 Average Total Cost (Dollars per bike) Q = 300 Q = 400 240 320 240 240 320 240 Q = 500 480 400 320 Q = 600 720 580 440 Suppose Ike's Bikes is currently producing 600 bikes per month in its only factory. Its short-run average total cost is $ per bike. Suppose Ike's Bikes is expecting to produce 600 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using On the following graph, plot the three short-run average total…
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Question 22
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