Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose the imaginary company of Athena is a small, Cedar Rapids-based American apparel manufacturer specializing in athleisure. The following table presents the brand's total cost

image text in transcribedimage text in transcribedimage text in transcribed
Suppose the imaginary company of Athena is a small, Cedar Rapids-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 Variable Cost Average Variable Cost Average Total Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 0 50 Cl Cl Cl 5 350 Ci Cl C] |:| 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 (Al/C) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and Ali/C, plot the points on the integer; for example, the ATC of producing one pair of boots is $155, so you should start your ATC curve by placing a green point at (1, 155). For MC, plot the points between the integers: For example, the MC ofincreasing production from zero to one pair of boots is $95, so you should start your MC curve by placing an orange square at (0.5, 95).) Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. COSTS (Dollars per pair) 200 1T5 150 125 100 75 50 25 2 3 4 QUANTITY (Pairs of boots} ATE:- AVG MC

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

Microeconomics

Authors: Robert Pindyck, Daniel Rubinfeld

9th Edition

0134184246, 9780134184241

More Books

Students also viewed these Economics questions

Question

1. To generate a discussion on the concept of roles

Answered: 1 week ago

Question

6. What information processes operate in communication situations?

Answered: 1 week ago