Question

In: Economics

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.

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.

Quantity

Total Cost

Marginal Cost

Fixed Cost

Variable Cost

Average Variable Cost

Average Total Cost

(Pairs)

(Dollars)

(Dollars)

(Dollars)

(Dollars)

(Dollars per pair)

(Dollars per pair)

0120



1200




2240




3285




4340




5425




6540




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.


Solutions

Expert Solution

Q TC MC FC VC AVC ATC
0 120 120 0
1 200 80 120 80 80 200
2 240 40 120 120 60 120
3 285 45 120 165 55 95
4 340 55 120 220 55 85
5 425 85 120 305 61 85
6 540 115 120 420 70 90

ATC = TC/Q , AVC = VC/Q
FC = 120 ( = TC where Q = 0)

VC = TC - FC

MC (nth unit) = TC (n units) - TC ((n-1) units)


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