Question

In: Economics

4. Various measures of cost Douglas Fur is a small manufacturer of fake-fur boots in New...

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.

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)

0 60
1 160
2 220
3 270
4 340
5 450
6 630

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 $160, so you should start your ATC curve by placing a green point at (1, 160). For MC, plot the points 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 points in the order in which you would like them connected. Line segments will connect the points automatically.

Solutions

Expert Solution

Output TFC TVC TC AVC ATC MC
0 60 0 60
1 60 100 160 100 160 100
2 60 160 220 80 110 60
3 60 210 270 70 90 50
4 60 280 340 70 85 70
5 60 390 450 78 90 110
6 60 570 630 95 105 180


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