In 1796, Gottfried Christoph Hartel, a German music publisher, calculated the cost of printing music using an engraved plate technology and used these estimated cost functions to make production decisions. Hartel figured that the fixed cost of printing a musical page-the cost of engraving the plates-was 900 pfennigs. The marginal cost of each additional copy of the page was 5 pfennigs (Scherer, 2001). Graph the average total cost, average variable cost, and marginal cost functions. 1.) Using the three-point curved line drawing tool, plot the average cost curve. Let the three points correspond to quantities of 20, 60, and 180 units of output. Label this curve 'AC.' 2.) Using the line drawing tool, draw the marginal cost curve. Label this curve 'MC.' 3.) Using the line drawing tool, plot the average variable cost curve. Label this curve 'AVC.' Carefully follow the instructions above, and only draw the required objects. pfennigs, cost per page 50 45- 40- 35 30- 25- 20 15- 10- 5 0- ỏ 20 40 60 80 100 120 140 160 180 200 Q, Pages

In 1796, Gottfried Christoph Hartel, a German music publisher, calculated the cost of printing music using an engraved plate technology and used these estimated cost functions to make production decisions. Hartel figured that the fixed cost of printing a musical page-the cost of engraving the plates-was 900 pfennigs. The marginal cost of each additional copy of the page was 5 pfennigs (Scherer, 2001). Graph the average total cost, average variable cost, and marginal cost functions. 1.) Using the three-point curved line drawing tool, plot the average cost curve. Let the three points correspond to quantities of 20, 60, and 180 units of output. Label this curve 'AC.' 2.) Using the line drawing tool, draw the marginal cost curve. Label this curve 'MC.' 3.) Using the line drawing tool, plot the average variable cost curve. Label this curve 'AVC.' Carefully follow the instructions above, and only draw the required objects. pfennigs, cost per page 50 45- 40- 35 30- 25- 20 15- 10- 5 0- ỏ 20 40 60 80 100 120 140 160 180 200 Q, Pages

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

In 1796, Gottfried Christoph Hartel, a German music publisher, calculated the cost of printing
music using an engraved plate technology and used these estimated cost functions to make
production decisions. Hartel figured that the fixed cost of printing a musical page-the cost of
engraving the plates-was 900 pfennigs. The marginal cost of each additional copy of the page
was 5 pfennigs (Scherer, 2001).
Graph the average total cost, average variable cost, and marginal cost functions.
1.) Using the three-point curved line drawing tool, plot the average cost curve. Let the three
points correspond to quantities of 20, 60, and 180 units of output. Label this curve 'AC.'
2.) Using the line drawing tool, draw the marginal cost curve. Label this curve 'MC.'
3.) Using the line drawing tool, plot the average variable cost curve. Label this curve 'AVC.'
Carefully follow the instructions above, and only draw the required objects.
CH
pfennigs, cost per page
50-
45-
40-
35-
30-
25-
20-
15-
10-
01
5-
0+
to
20 40
60
80 100 120 140 160 180 200
Q, Pages
N

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