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1. The table below shows the monthly cost of producing vintage model cars for collectors for quantities 0, 100, 200, and 500.
a. Complete the table by filling in the average fixed cost, average variable cost, and average total cost.
Instructions: Round your answers to 1 decimal place where needed.
Vintage Model Car Costs
Output
Total Fixed
Cost
(dollars)
Total Variable Cost
(dollars)
Total
Cost
(dollars)
Average Fixed Cost
(dollars)
Average Variable Cost
(dollars)
Average Total Cost
(dollars)
0
$2,500
$ 0
$2,500
100
2,500
700
3,200
200
2,500
1,200
3,700
500
2,500
4,250
6,750
2. The table below shows the monthly cost of producing vintage model cars for collectors.
a. Fill in the missing values for total fixed cost, total variable cost, and total cost in the table below.
Vintage Model Car Costs
Output
Total Fixed Cost
(dollars)
Total Variable Cost
(dollars)
Total Cost
(dollars)
0
$2,500
$ 0
$2,500
100
500
200
1,000
300
4,500
400
3,000
3. The table below shows Crystals total cost of producing different quantities of tie-dyed t-shirts for a local arts festival.
a. Complete the marginal cost column in the table.
Cost of Tie-Dyed T-Shirts
Output
Total Cost
(dollars)
Marginal Cost
(dollars)
0
$15
1
18
$
2
20
3
21
4
24
5
29
6
36
b. What is the total cost of producing 5 tie-dyed t-shirts?
$
c. What is the marginal cost of producing the 5th tie-dyed t-shirt?
$
d. Graph the marginal cost curve for producing tie-dyed t-shirts.
4. If marginal cost exceeds average total cost in the short run, then which is likely to be true?
A. Average total cost is increasing.
B. Average variable cost is decreasing.
C. Average total cost is less than average variable cost.
D. Marginal cost is less than average variable cost.