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c. What is the total cost of producing 4 vintage model cars? $ d. What is the marginal cost of producing the 4th vintage model
c. What is the total cost of producing 4 vintage model cars?
$
d. What is the marginal cost of producing the 4th vintage model car?
$
The table below shows the cost of producing model vintage cars for collectors. Instructions: Enter your answers as a whole number. a. Complete the marginal cost column in the table. Marginal Cost (dollars) Vintage Model Car Production Costs Total Fixed Cost Total Variable Output (dollars) Cost (dollars) 0 $2,500 $0 1 2,500 700 2 2,500 1,200 3 2,500 2,000 4 2,500 3,000 5 2,500 4,200 Total Cost (dollars) $2,500 3,200 3,700 4,500 5,500 6,700 b. Graph the marginal cost curve for producing vintage model cars. Instructions: Use the tool provided Marginal Cost to plot the line point by point (5 points total). Plot from 1 to 5 units of output. Marginal Cost of Vintage Model Cars Tools Marginal Cost Marginal Cost (dollars) 1,300 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 1 1 0 1 1 - 2 1 7 3 4 5 6 Quantity of Vintage Model CarsStep by Step Solution
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