Costs403530251510500234Quantity (Vats of juice)56COMarginal CostAverage Variable CostAverage Total CostCWhich of the following statements are true according to the previous graph? Check all that apply.The marginal-cost curve is above the average-total-cost curve when output is greater than four and average total cost is rising.The marginal-cost curve lies below the average-variable-cost curve.The marginal-cost curve is below the average-total-cost curve when output is greater than four and average total cost is rising. Jane's Juice Bar has the following cost schedules:In the following table, complete the marginal cost, average variable cost, and average total cost columns.Variable Cost Total Cost(Dollars) (Dollars)Average Variable Cost(Dollars)Quantity(Vats of juice)0123456400515305075105353035456080105135Marginal Cost(Dollars)^^^^^^On the following graph, use the orange points (square symbol) to plot the marginal-cost curve for Jane's Juice Bar. (Note: Be sure to plot from left toright and to plot between integers. For example, if the marginal cost of increasing production from 1 vat of juice to 2 vats of juice is $5, then youwould plot a point at (1.5, 5).) Then use the purple points (diamond symbol) to plot the average-variable cost curve starting at 1 vat of juice, and usethe green points (triangle symbol) to plot the average-total-cost curve also starting at 1 vat of juice.Average Total Cost(Dollars)Marginal Cost

The Average Cost is the per unit cost of production acquired by separating the total cost (TC) by…

Answered: 9 35 30 25 20 15 10 5 O O 2 3 Quantity…

Business

Economics

9 35 30 25 20 15 10 5 O O 2 3 Quantity (Vats of juice) 10 5 6 Marginal Cost Average Variable Cost Average Total Cost

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: The Cost Of Production

Section: Chapter Questions

Problem 1PA

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Question

Costs
40
35
30
25
15
10
5
0
0
2
3
4
Quantity (Vats of juice)
5
6
CO
Marginal Cost
Average Variable Cost
Average Total Cost
C
Which of the following statements are true according to the previous graph? Check all that apply.
The marginal-cost curve is above the average-total-cost curve when output is greater than four and average total cost is rising.
The marginal-cost curve lies below the average-variable-cost curve.
The marginal-cost curve is below the average-total-cost curve when output is greater than four and average total cost is rising.

Jane's Juice Bar has the following cost schedules:
In the following table, complete the marginal cost, average variable cost, and average total cost columns.
Variable Cost Total Cost
(Dollars) (Dollars)
Average Variable Cost
(Dollars)
Quantity
(Vats of juice)
0
1
2
3
4
5
6
40
0
5
15
30
50
75
105
35
30
35
45
60
80
105
135
Marginal Cost
(Dollars)
^^^^^^
On the following graph, use the orange points (square symbol) to plot the marginal-cost curve for Jane's Juice Bar. (Note: Be sure to plot from left to
right and to plot between integers. For example, if the marginal cost of increasing production from 1 vat of juice to 2 vats of juice is $5, then you
would plot a point at (1.5, 5).) Then use the purple points (diamond symbol) to plot the average-variable cost curve starting at 1 vat of juice, and use
the green points (triangle symbol) to plot the average-total-cost curve also starting at 1 vat of juice.
Average Total Cost
(Dollars)
Marginal Cost

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