Fill in the remaining cells of the table. Total Product Total Cost Marginal Cost Total Fixed Cost Total Variable Cost Average Variable Cost Average Total Cost |(Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 120 1 200 2 240 3 285 4 340 5 425 540 On the following graph, plot Douglas Fur's average total cost curve (ATC) using the green points (triangle symbol). Next, plot its average variable cost curve (AVC) using the purple points (diamond symbol). Finally, plot its marginal cost curve (MC) 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 $200, so you should start your average total cost curve by placing a green point at (1, 200). For marginal cost, plot the points between the integers: For example, the marginal cost of increasing production from zero to one pair of boots is $80, so you should start your marginal cost curve by placing an orange square at (0.5, 80).)

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Fill in the remaining cells of the table.
Marginal Cost
(Dollars)
Average Total Cost
(Dollars per pair)
Total Product
Total Cost
Total Fixed Cost
Total Variable Cost
Average Variable Cost
(Pairs)
(Dollars)
(Dollars)
(Dollars)
(Dollars per pair)
120
1
200
2
240
3
285
4
340
5
425
540
On the following graph, plot Douglas Fur's average total cost curve (ATC) using the green points (triangle symbol). Next, plot its average variable
cost curve (AVC) using the purple points (diamond symbol). Finally, plot its marginal cost curve (MC) 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 $200, so you should
start your average total cost curve by placing a green point at (1, 200). For marginal cost, plot the points between the integers: For example, the
marginal cost of increasing production from zero to one pair of boots is $80, so you should start your marginal cost curve by placing an orange square
at (0.5, 80).)
Transcribed Image Text:Fill in the remaining cells of the table. Marginal Cost (Dollars) Average Total Cost (Dollars per pair) Total Product Total Cost Total Fixed Cost Total Variable Cost Average Variable Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars per pair) 120 1 200 2 240 3 285 4 340 5 425 540 On the following graph, plot Douglas Fur's average total cost curve (ATC) using the green points (triangle symbol). Next, plot its average variable cost curve (AVC) using the purple points (diamond symbol). Finally, plot its marginal cost curve (MC) 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 $200, so you should start your average total cost curve by placing a green point at (1, 200). For marginal cost, plot the points between the integers: For example, the marginal cost of increasing production from zero to one pair of boots is $80, so you should start your marginal cost curve by placing an orange square at (0.5, 80).)
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
200
175
ATC
150
125
AVC
100
MC
75
25
3
4
QUANTITY OF OUTPUT (Pairs of boots)
COST PER UNIT(Dollars per pair)
Transcribed Image Text:Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 200 175 ATC 150 125 AVC 100 MC 75 25 3 4 QUANTITY OF OUTPUT (Pairs of boots) COST PER UNIT(Dollars per pair)
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