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: ForATC 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 byplacing 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 ofboots 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.?COSTS (Dollars per pair)200175150125100755025001234QUANTITY (Pairs of boots)56ATCAVC-0-MC 4. Various measures of costSuppose the imaginary company of Roobek is a small, Jackson-based American apparel manufacturer specializing in athleisure. The following tablepresents the brand's total cost of production at several different quantities.Fill in the remaining cells of the following table.Quantity Total Cost Marginal Cost(Pairs) (Dollars) (Dollars)01234LO56120200240285340425540Fixed Cost Variable Cost(Dollars) (Dollars)Average Variable Cost(Dollars per pair)Average Total Cost(Dollars per pair)

Marginal cost is the cost of production of additional units of goods or services. Fixed cost is the…

Answered: On the following graph, plot Douglas…

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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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 $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.
?
COSTS (Dollars per pair)
200
175
150
125
100
75
50
25
0
0
1
2
3
4
QUANTITY (Pairs of boots)
5
6
ATC
AVC
-0-
MC

Transcribed Image Text:4. Various measures of cost Suppose the imaginary company of Roobek is a small, Jackson-based American apparel manufacturer specializing in athleisure. The following table presents the brand's total cost of production at several different quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost (Pairs) (Dollars) (Dollars) 0 1 2 3 4 LO 5 6 120 200 240 285 340 425 540 Fixed Cost Variable Cost (Dollars) (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair)

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