Homework Help is Here – Start Your Trial Now!
Business
Economics
Douglas Fur is a small manufacturer of fake-fur boots in Houston. The following table shows the company's total cost of production quantities. Fill in the remaining cells of the following table. Marginal Cost Fixed Cost Quantity (Pairs) Average T (Dollars pe Total Cost Variable Cost Average Variable Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) 60 160 220 270 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, (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points ATC of nroducing ne nair of hoots is $160 so Vou should

Douglas Fur is a small manufacturer of fake-fur boots in Houston. The following table shows the company's total cost of production quantities. Fill in the remaining cells of the following table. Marginal Cost Fixed Cost Quantity (Pairs) Average T (Dollars pe Total Cost Variable Cost Average Variable Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) 60 160 220 270 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, (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points ATC of nroducing ne nair of hoots is $160 so Vou should

Managerial Economics: A Problem Solving Approach
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
See similar textbooks
icon
Related questions
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. Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) Marginal Cost Fixed Cost Quantity (Pairs) Total Cost Variable Cost (Dollars) (Dollars) (Dollars) (Dollars) 60 - 1 160 220 270 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 areen point at (1. 160) For MC plot the points between the integers: For examnle the MC of increasina production from zero to one pairof 9 M LEGO AAAAAA
Transcribed Image Text: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. Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) Marginal Cost Fixed Cost Quantity (Pairs) Total Cost Variable Cost (Dollars) (Dollars) (Dollars) (Dollars) 60 - 1 160 220 270 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 areen point at (1. 160) For MC plot the points between the integers: For examnle the MC of increasina production from zero to one pairof 9 M LEGO AAAAAA
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 0. + 3 4 6. QUANTITY (Pairs of boots) ace cer COSTS (Dollars per pair)
Transcribed Image Text: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 0. + 3 4 6. QUANTITY (Pairs of boots) ace cer COSTS (Dollars per pair)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Total Cost
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics: Applications, Strategies an…
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Economics For Today
Economics For Today
Economics
ISBN:
9781337613040
Author:
Tucker
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS