Solve for the following: a. Marginal Cost b. Average Cost Suppose that a food manufacturing company’s cost function is given by the following equation: (in the picture)

Total Cost Marginal Cost (Dollars) Average Variable Cost (Dollars per pair) Fixed Cost Variable Cost Average Total Cost (Dollars per pair) Quantity (Pairs) (Dollars) (Dollars) (Dollars) 120 80 1 200 40 2 240 45 3 285 55 4 340 85 425 115 6 540 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…

Use the table below to answer the following question. Units Total Fixed Cost Total Variable of Output (dollars) Cost (dollars) 1 150 25 2 150 48 3 150 70 150 100 What is the marginal cost (MC) of producing the fourth unit of output?

Question 6: For each of the total cost functions, write the expressions for the average cost, average fixed cost, average variable cost, and marginal cost: 1. TC (Q) = 5Q 2. TC (Q) = 120 +6Q 3. TC (Q) = 6Q² 4. TC (Q) = 140 +5Q²