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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.

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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 Crystal’s 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.

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