Suppose the imaginary company of Athena is a small, Rochester-based American apparel manufacturer specializing in athleisure. The following table presents the brand's total cost of production at several different quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost (Pairs) (Dollars) (Dollars) (Dollars) COSTS (Dollars per pair) 240 210 180 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 placing a green point at (1, 210). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of boots is $90, so you should start your MC curve by placing an orange square at (0.5, 90).) Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 150 120 90 60 30 0 0 1 2 3 4 5 6 0 120 210 270 315 380 475 630 1 2 3 4 QUANTITY (Pairs of boots) Variable Cost (Dollars) 5 6 ATC AVC -O Average Variable Cost (Dollars per pair) MC Average Total Cost (Dollars per pair) (?
Suppose the imaginary company of Athena is a small, Rochester-based American apparel manufacturer specializing in athleisure. The following table presents the brand's total cost of production at several different quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost (Pairs) (Dollars) (Dollars) (Dollars) COSTS (Dollars per pair) 240 210 180 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 placing a green point at (1, 210). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of boots is $90, so you should start your MC curve by placing an orange square at (0.5, 90).) Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 150 120 90 60 30 0 0 1 2 3 4 5 6 0 120 210 270 315 380 475 630 1 2 3 4 QUANTITY (Pairs of boots) Variable Cost (Dollars) 5 6 ATC AVC -O Average Variable Cost (Dollars per pair) MC Average Total Cost (Dollars per pair) (?
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.1P
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