Matthew Rafferty produces hiking boots in the perfectly competitive hiking boot market. The table contains information on Rafferty's total costs. Fill in the missing values for AFC, AVC, ATC, and MC in the table. (Enter your responses rounded to two decimal places.) Output per Week 1 3 6 8 9 10 Total Cost $245.00 345.00 395.00 435.00 485.00 545.00 615.00 700.00 800.00 920.00 1065.00 AFC AVC ATC MC

Matthew Rafferty produces hiking boots in the perfectly competitive hiking boot market. The table contains information on Rafferty's total costs. Fill in the missing values for AFC, AVC, ATC, and MC in the table. (Enter your responses rounded to two decimal places.) Output per Week 1 3 6 8 9 10 Total Cost $245.00 345.00 395.00 435.00 485.00 545.00 615.00 700.00 800.00 920.00 1065.00 AFC AVC ATC MC

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 7PA

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Vinnie’s Painting Company specializes in painting houses. Their cost schedule is as follows: 1. Show to calculate for the table below Output TFC TVC TC AFC AVC ATC MC 0 1000 1 100 2 100 3 400 4 450 5 1600 6 3200 7 6400 a) Given the partial data available, finish the table and calculate all the costs. b) What is the minimum efficient scale of Vinnie’s company? c) What is the marginal cost of 6 houses? d) If Vinnie charges $825 per house, how many houses he should paint to maximize profits?
Matthew Rafferty produces hiking boots in the perfectly competitive hiking boot market. The table contains information on Rafferty's total costs. Fill in the missing values for AFC, AVC, ATC, and MC in the table. (Enter your responses rounded to two decimal places.) Output per Week 0 1 2 3 4 5 6 7 8 9 10 Total Cost $400.00 500.00 580.00 640.00 705.00 775.00 850.00 960.00 1080.00 1215.00 1400.00 AFC $ AVC $ BE 172 ATC $ IND MC $
Douglas Fur is a small manufacturer of fake-fur boots in Miami. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) Quantity Total Cost Marginal Cost Fixed Cost Variable Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) 120 - 210 270 315 4 380 5. 475 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 $210, so you should start your ATC curve by 210) For MC. plot the points between the integers: For examnle the MC of increasing nroduction from zero to one…
Please use the following table to answer the question. Q AVC TVC TFC TC MC 0 - $0 5 $25 10 $15 $150 $150 $300 What is the average variable cost when quantity is equal to five? $5 $25 $125 O $0 $150 - $150 $175 $5
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Vinnie’s Painting Company specializes in painting houses. Their cost schedule is as follows:Output TFC TVC TC AFC AVC ATC MC 0. 10001. 1002. 1003. 4004. 4505. 16006. 32007 6400 A) Given the partial data available, finish the table and calculate all the costs. B)What is the minimum efficient scale of Vinnie’s company?C)What is the marginal cost of 6 houses?D)If Vinnie charges $825 per house, how many houses he should paint to maximize profit
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QUESTION 17 Use the following table and use your previous calculations: find the quantity where ATC is at a minimum and find the quantity that is the most efficient operating point for the firm. Total Output Total Cost TFC TVC AFC AVC ATC MC 0 $20 10 $40 20 $60 30 $90 40 $120 50 $180 60 $280 a. MC = ATC between 30 and 40 Quantity ATC at minimum between 20 and 40 Quantity b. MC = ATC at 30 Quantity ATC at minimum between 20 and 40 Quantity c. MC = ATC at 40 Quantity ATC at minimum between 20 and 40 Quantity d. MC = ATC between 30 and 40 Quantity ATC at minimum between30 and 40 Quantity e. MC = ATC between 20 and 40 Quantity ATC at minimum between 20 and 40 Quantity
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