4. Various measures of costDouglas Fur Is a small manufacturer of fake-fur boots In Chicago. The following table shows the company's total cost of production at varlousproduction quantities.Fill in the remalning cells of the following table.Average Total Cost(Dollars per pair)QuantityTotal Cost Marginal CostFixed CostVariable Cost Average Variable Cost(Pairs)(Dollars)(Dollars)(Dollars)(Dollars)(Dollars per pair)6011602220327043404506630On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green polnts (triangle symbol). Next, plot its average varlable cost(AVC) curve using the purple polnts (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange polnts (square symbol). (Hint: ForATC and AVC, plot the polnts on the Integer; for example, the ATC of producing one pair of boots is $160, so you should start your ATC curve byplacing a green polnt at (1, 160). For MC, plot the polnts between the Integers: For example, the MC of Increasing production from zero to one pair ofboots is $100, so you should start your MC curve by placing an orange square at (0.5, 100).) Note: Plot your polnts In the order In which you would like them connected. Line segments will connect the polnts automatically.200175ATC150125AVC100MC50251346QUANTITY (Pairs of boots)Grade It NowSave & ContinueCOSTS (Dollars per pair)

Average total cost (ATC) is determined by dividing total cost by total quantity. Average…

ll in the remaining cells of the following table. Quantity (Pairs) Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 60 1 160 2 220 3 270 4 340

ll in the remaining cells of the following table. Quantity (Pairs) Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 60 1 160 2 220 3 270 4 340

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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As total output increases average fixed cost v (Click for List) constant at a maximum falling rising at a minimum
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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 Fixed Cost Average Total Cost Fixed Variable Total Marginal Average Variable Quantity Cost Cost Cost Cost Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 150 150 1 150 60 210 2 150 105 255 3 150 135 285 4 150 150 300 150 180 330 6. 150 240 390 7 150 345 495 150 495 645 9. 150 675 825 On the following graph, plot the company'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 average total cost of producing one pair of boots is $210, so you should start your…
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