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Fill 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) 120 80 1 200 40 2 240 45 3 285 55 4 340 85 425 115 6 540

Fill 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) 120 80 1 200 40 2 240 45 3 285 55 4 340 85 425 115 6 540

Microeconomics A Contemporary Intro
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 18PAE
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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.
 
4. Various measures of cost 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. Average Total Cost (Dollars per pair) Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) 120 80 1 200 40 2 240 45 3 285 55 4 340 85 425 115 6 540 MMMA LO
Transcribed Image Text:4. Various measures of cost 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. Average Total Cost (Dollars per pair) Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) 120 80 1 200 40 2 240 45 3 285 55 4 340 85 425 115 6 540 MMMA LO
(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 $200, so you should start your ATC curve by placing a green point at (1, 200). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of boots is $80, so you should start your MC curve by placing an orange square at (0.5, 80).) 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 MC 75 50 25 + 1 2 4 6. COSTS (Dollars per pair)
Transcribed Image Text:(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 $200, so you should start your ATC curve by placing a green point at (1, 200). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of boots is $80, so you should start your MC curve by placing an orange square at (0.5, 80).) 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 MC 75 50 25 + 1 2 4 6. COSTS (Dollars per pair)
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