Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please have the graph cleaned drawing and explained! Thank you! Using the information in the table below and assuming a constant price of $35 per

Please have the graph cleaned drawing and explained! Thank you!
image text in transcribed

Using the information in the table below and assuming a constant price of $35 per unit, graph the MC, AC, and MR curves. Put all three on one graph. Make sure that it is clear where the points on the curves are. In other words, include a scale on your axes so that I can tell that you actually calculated the values.

For example, the total cost of producing 10 units would be the $400 in fixed cost plus $10 in MC for each unit, or $500. This means the average cost (AC) of producing 10 units is $50 per unit. So your AC curve should have a point with a horizontal value of 10 and a vertical value of $50.

image text in transcribed
Please have the graph drawing clear and explained! Thank you!
\begin{tabular}{c|c} Quantity of output & Total cost [9] produce this \\ produced & quantity \\ \hline 0 & $400 \\ 10 & $500 \\ 20 & $620 \\ 30 & $770 \\ 40 & $970 \\ 50 & $1,220 \\ 60 & $1,540 \\ 70 & $1,940 \\ 80 & $2,440 \\ 90 & $3,040 \\ 100 & $3,790 \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing At The Speed Of Risk With An Agile Continuous Audit Plan

Authors: Norman Marks

1st Edition

B09PMBSWSC, 979-8787044393

More Books

Students also viewed these Accounting questions