Fill in the remaining cells of the following table. Quantity (Pairs) Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 120 80 1 200 40 2 240 45 3 285 55 4 340 85 425 115 6 540
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- 4. Variouss measures of cost Douglas Fur is a small manufacturer of fake-fur boots in San Diego. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost (Dollars) Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 120 1 200 2 240 3 285 4 340 425 6 540 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 $200, so you should start your ATC curve by placing a green point at (1, 200). For MC, plot the points between the integers:…4. Various measures of cost Douglas Fur is a small manufacturer of fake-fur boots in San Francisco. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) Quantity Total Cost Marginal Cost Fixed Cost Variable Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) 120 1 210 2 270 3 315 4 380 5 475 6304. Various measures of cost Suppose the imaginary company of Panthera is a small, Reno-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 (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) 0 1 2 3 4 01 5 6 60 160 220 270 340 450 630 000000 Average Variable Cost Average Total Cost (Dollars per pair) (Dollars per pair) On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $160, so you should start your ATC curve by placing a green point at…
- Ebba Kantzen says the following: "I am currently producing 10,000 pizzas per month at a total cost of $50,000. If I produce 10,001 pizzas, my total cost will rise to $50,011. Therefore, my marginal cost of producing pizzas must be increasing." ( 1.) Using the point drawing tool, indicate the point of marginal cost. Label this point "Marginal cost." 2.) Using the point drawing tool, indicate the point of average total cost. Label this point "Average total cost." Carefully follow the instructions above, and only draw the required objects. Costs(dollars per pizza) (5.95,0) MC Quantity (pizzas per month) points ATCSuppose that the dollar cost of producing x appliances is c(x) = 1000 + 70x-0.1x². a. Find the average cost per appliance of producing the first 100 appliances. b. Find the marginal cost when 100 appliances are produced. c. Show that the marginal cost when 100 appliances are produced is approximately the cost of producing one more appliance after the first 100 have been made, by calculating the latter cost directly. CUCKO The average cost per appliance of producing the first 100 appliances is $ (Round to the nearest cent as needed.) /appliance.The cost of renting tuxes for the Choral Society's formal is $21 down, plus $87 per tux. Express the cost C as a function of x, the number of tuxedos rented. C(x) = Use your function to answer the following questions. (a) What is the cost of renting two tuxes? %$4 (b) What is the cost of the second tux? $4 (c) What is the cost of the 4,098th tux? 2$ (d) What is the variable cost? %24 What is the fixed cost? $4 What is the marginal cost? %24
- Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Total Cost Number of Passengers (Dollars per flight) 25,000 10 35,000 20 40,000 30 43,000 40 45,000 50 46,000 60 47,000 70 47,700 80 48,000 90 48,200 100 48,100 Given the information presented in the previous table, the fixed cost to operate this flight is $ At each ticket price, a different number of consumers will be willing to purchase tickets for this flight. Assume that the price of a flight is fixed for the duration of ticket sales. Use the previous table as well as the following demand schedule to complete the questions that follow. Price Quantity Demanded (Dollars per ticket) (Tickets per flight) 700 550 40 200 60 100 100 Complete the following table by computing total revenue, total cost, variable cost, and profit for each of the prices listed. (Hint: Be sure to…Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Total Cost Number of Passengers (Dollars per flight) 40,000 10 60,000 20 65,000 30 68,000 40 70,000 50 71,000 60 72,500 70 73,500 80 74,000 90 74,300 100 74,500 Given the information presented in the previous table, the fixed cost to operate this flight is s At each ticket price, a different number of consumers will be willing to purchase tickets for this flight. Assume that the price of a flight is fixed for the duration of ticket sales. Use the previous table as well as the following demand schedule to complete the questions that follow. Price Quantity Demanded (Dollars per ticket) (Tickets per flight) 1,000 700 30 400 90 200 100Fig 2.1 illustrates the law of diminishing returns in seeking the optimum system (or component) performance and hence the need to balance the performance against the cost. Give examples of two pairs of characteristics other than performance versus cost where optimizing one frequently competes with the other, and briefly explain why they do.
- The average total cost of baking 5 cookies is 80 cents and the average total cost of baking 6 cookies is 70 cents. What is the marginal cost of producing 6th cookie? (Hint: You cannot directly calculate the marginal cost, you need to first calculate some other cost(s) that will then allow you to calculate the marginal cost) 10 cents 20 cents 70 cents 80 centsE1 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) AVC, plot the pointn 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).)a) Define explicit cost and implicit cost. Briefly discuss the law of diminishing marginal returns.