Douglas Fur is a small manufacturer of fake-fur boots in Houston. The following table shows the company's total cost of production at variousproduction quantities.Fill in the remaining cells of the following table.QuantityTotal CostMarginal CostFixed CostVariable CostAverage Variable CostAverage Total Cost(Pairs)(Dollars)(Dollars)(Dollars)(Dollars)(Dollars per pair)(Dollars per pair)601160222027043404506.630On 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: ForATC 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 byplacing 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 ofMacer naung a yi Etn pomt al (1, 100).Tor MC, piot ie pomtS DetweenUiE mteyeIS. TUI Exaimpie, the rIC Or mcrtaSng producLIoN TOm zeiu Lu une panoots 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.200175АТС150125AVC100MC75500.34.6.1QUANTITY (Pairs of boots)acerCOSTS (Dollars per pair)25

TC is the fixed and variable costs of production. AC is the cost per unit of production. It is…

Answered: 1 160 220 270 4 340 450 630 2.

Business

Economics

1 160 220 270 4 340 450 630 2.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 3MC

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Question

Douglas Fur is a small manufacturer of fake-fur boots in Houston. 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
Marginal Cost
Fixed Cost
Variable Cost
Average Variable Cost
Average Total Cost
(Pairs)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
(Dollars per pair)
(Dollars per pair)
60
1
160
2
220
270
4
340
450
6.
630
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
M
acer

naung a yi Etn pomt al (1, 100).Tor MC, piot ie pomtS DetweenUiE mteyeIS. TUI Exaimpie, the rIC Or mcrtaSng producLIoN TOm zeiu Lu une pan
oots 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
АТС
150
125
AVC
100
MC
75
50
0.
3
4.
6.
1
QUANTITY (Pairs of boots)
acer
COSTS (Dollars per pair)
25

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