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Fill in the remaining cells of the table. Total Product Total Cost Marginal Cost Total Fixed Cost Total Variable Cost Average Variable Cost Average Total Cost |(Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 120 1 200 2 240 3 285 4 340 5 425 540 On the following graph, plot Douglas Fur's average total cost curve (ATC) using the green points (triangle symbol). Next, plot its average variable cost curve (AVC) using the purple points (diamond symbol). Finally, plot its marginal cost curve (MC) using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer: For example, the average total cost of producing one pair of boots is $200, so you should start your average total cost curve by placing a green point at (1, 200). For marginal cost, plot the points between the integers: For example, the marginal cost of increasing production from zero to one pair of boots is $80, so you should start your marginal cost curve by placing an orange square at (0.5, 80).)

Fill in the remaining cells of the table. Total Product Total Cost Marginal Cost Total Fixed Cost Total Variable Cost Average Variable Cost Average Total Cost |(Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 120 1 200 2 240 3 285 4 340 5 425 540 On the following graph, plot Douglas Fur's average total cost curve (ATC) using the green points (triangle symbol). Next, plot its average variable cost curve (AVC) using the purple points (diamond symbol). Finally, plot its marginal cost curve (MC) using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer: For example, the average total cost of producing one pair of boots is $200, so you should start your average total cost curve by placing a green point at (1, 200). For marginal cost, plot the points between the integers: For example, the marginal cost of increasing production from zero to one pair of boots is $80, so you should start your marginal cost curve by placing an orange square at (0.5, 80).)

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3CQQ
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Fill in the remaining cells of the table. Marginal Cost (Dollars) Average Total Cost (Dollars per pair) Total Product Total Cost Total Fixed Cost Total Variable Cost Average Variable Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars per pair) 120 1 200 2 240 3 285 4 340 5 425 540 On the following graph, plot Douglas Fur's average total cost curve (ATC) using the green points (triangle symbol). Next, plot its average variable cost curve (AVC) using the purple points (diamond symbol). Finally, plot its marginal cost curve (MC) using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer: For example, the average total cost of producing one pair of boots is $200, so you should start your average total cost curve by placing a green point at (1, 200). For marginal cost, plot the points between the integers: For example, the marginal cost of increasing production from zero to one pair of boots is $80, so you should start your marginal cost curve by placing an orange square at (0.5, 80).)
Transcribed Image Text:Fill in the remaining cells of the table. Marginal Cost (Dollars) Average Total Cost (Dollars per pair) Total Product Total Cost Total Fixed Cost Total Variable Cost Average Variable Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars per pair) 120 1 200 2 240 3 285 4 340 5 425 540 On the following graph, plot Douglas Fur's average total cost curve (ATC) using the green points (triangle symbol). Next, plot its average variable cost curve (AVC) using the purple points (diamond symbol). Finally, plot its marginal cost curve (MC) using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer: For example, the average total cost of producing one pair of boots is $200, so you should start your average total cost curve by placing a green point at (1, 200). For marginal cost, plot the points between the integers: For example, the marginal cost of increasing production from zero to one pair of boots is $80, so you should start your marginal cost 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 25 3 4 QUANTITY OF OUTPUT (Pairs of boots) COST PER UNIT(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 MC 75 25 3 4 QUANTITY OF OUTPUT (Pairs of boots) COST PER UNIT(Dollars per pair)
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