Douglas Fur is a small manufacturer of fake-fur boots in Chicago. The following table shows the company’s total cost of production at various production quantities.Fill in the remaining cells of the following table. 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. 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 variousproduction quantities.Fill in the remaining cells of the following table.Quantity Total Cost Marginal CostFixed CostVariable CostAverage Variable Cost Average Total Cost(Dollars per pair)(Pairs)(Dollars)(Dollars)(Dollars)(Dollars)(Dollars per pair)1201208012001208080200402240120120601204528512016555955543401202205585855425120305618511565401204207090On 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.200175ATC150125AVC10075MC502512345QUANTITY (Pairs of boots)COSTS (Dollars per pair)

Question

Douglas Fur is a small manufacturer of fake-fur boots in Chicago. The following table shows the company’s total cost of production at various production quantities.Fill in the remaining cells of the following table. 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. 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 variousproduction quantities.Fill in the remaining cells of the following table.Quantity Total Cost Marginal CostFixed CostVariable CostAverage Variable Cost Average Total Cost(Dollars per pair)(Pairs)(Dollars)(Dollars)(Dollars)(Dollars)(Dollars per pair)1201208012001208080200402240120120601204528512016555955543401202205585855425120305618511565401204207090On 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.200175ATC150125AVC10075MC502512345QUANTITY (Pairs of boots)COSTS (Dollars per pair)

Accepted Answer

Average total cost (ATC) is calculated by dividing total cost by the total quantity produced.…