Short-Run Relationships - Marginal Costs Exercise 2 6 8 0210.10 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. Vintage Model Car Production Costs Total Variable Coat (dollars) $0 Marginal Cost (dollars) Output 0 1 2 3 700 5 Total Fixed cost (dollars) $2,500 2,500 2.500 2,500 2,500 2,500 Total Cost (dollars) $2.500 3,200 3,700 4,500 5,500 6,700 1.200 2,000 3,000 4,200 4 5 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 Marginal Cost (dollars) 1,300 1,200 1,100 Tools 2,500 4,200 6,700 6 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 8 04.10.21 Marginal Cost of Vintage Model Cars Marginal Cost (dollars) 1,300 1,200 1,100 1,000 Tools Marginal Cost 900 800 700 600 500 400 300 200 100 0 1 2 3 4 5 6 7 Quantity of Vintage Model Cars Marginal Cost 6 1,000 900 800 700 600 500 400 300 200 100 8 04:10:11 (5,300) 0 1 2 2 3 4 5 6 7 Quantity of Vintage Model Cars 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? $