4. Various measures of costDouglas Fur Is a small manufacturer of fake-fur boots In Chicago. The following table shows the company's total cost of production at varlousproduction quantities.Fill in the remalning cells of the following table.Average Total Cost(Dollars per pair)QuantityTotal Cost Marginal CostFixed CostVariable Cost Average Variable Cost(Pairs)(Dollars)(Dollars)(Dollars)(Dollars)(Dollars per pair)6011602220327043404506630On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green polnts (triangle symbol). Next, plot its average varlable cost(AVC) curve using the purple polnts (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange polnts (square symbol). (Hint: ForATC and AVC, plot the polnts on the Integer; for example, the ATC of producing one pair of boots is $160, so you should start your ATC curve byplacing a green polnt at (1, 160). For MC, plot the polnts between the Integers: For example, the MC of Increasing production from zero to one pair ofboots is $100, so you should start your MC curve by placing an orange square at (0.5, 100).) Note: Plot your polnts In the order In which you would like them connected. Line segments will connect the polnts automatically.200175ATC150125AVC100MC50251346QUANTITY (Pairs of boots)Grade It NowSave & ContinueCOSTS (Dollars per pair)

Average total cost (ATC) is determined by dividing total cost by total quantity. Average…

ll 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) 60 1 160 2 220 3 270 4 340

ll 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) 60 1 160 2 220 3 270 4 340

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

4. Various measures of cost
Douglas Fur Is a small manufacturer of fake-fur boots In Chicago. The following table shows the company's total cost of production at varlous
production quantities.
Fill in the remalning 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)
60
1
160
2
220
3
270
4
340
450
6
630
On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green polnts (triangle symbol). Next, plot its average varlable cost
(AVC) curve using the purple polnts (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange polnts (square symbol). (Hint: For
ATC and AVC, plot the polnts 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 green polnt at (1, 160). For MC, plot the polnts between the Integers: For example, the MC of Increasing production from zero to one pair of
boots is $100, so you should start your MC curve by placing an orange square at (0.5, 100).)

Note: Plot your polnts In the order In which you would like them connected. Line segments will connect the polnts automatically.
200
175
ATC
150
125
AVC
100
MC
50
25
1
3
4
6
QUANTITY (Pairs of boots)
Grade It Now
Save & Continue
COSTS (Dollars per pair)

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