On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average varia (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hi ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $160, so you should start your ATC curve placing a green point at (1, 160). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one boots is $100, so you should start your MC curve by placing an orange square at (0.5, 100).) Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.

On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average varia (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hi ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $160, so you should start your ATC curve placing a green point at (1, 160). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one boots is $100, so you should start your MC curve by placing an orange square at (0.5, 100).) Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

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Urgently need

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 $160, so you should start your ATC curve by
placing a green point at (1, 160). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of
boots is $100, so you should start your MC curve by placing an orange square at (0.5, 100).)
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
75
MC
50
25
2
QUANTITY (Pairs of boots)
COSTS (Dollars per pair)

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.
Quantity Total Cost
(Dollars)
Marginal Cost
Average Variable Cost
(Dollars per pair)
Average Total Cost
(Dollars per pair)
Fixed Cost
Variable Cost
(Pairs)
(Dollars)
(Dollars)
(Dollars)
60
1
160
2
220
3
270
340
450
6
630

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