The accompanying table shows a boat manufacturerâs total cost of producing boats.Quantity of Boats Total Cost0 $ 450,0001 $ 490,0002 $ 510,0003 $ 520,0004 $ 540,0005 $ 570,0006 $ 610,0007 $ 670,0008 $ 750,0009 $ 870,0001. What is this manufacturerâs fixed cost?2. For each level of output, calculate the variable cost (VC). For each level of output except zero output, calculate the average variable cost (AVC), average total cost (ATC), and average fixed cost (AFC).Qty of boats Total Cost Variable Costsa. Average Variable Costsb. Average Total Costsc. Average Fixed Costd.0 $450,000 – – – -1 490,0002 510,0003 520,0004 540,0005 570,0006 610,0007 670,0008 750,0009 870,0003. What is the minimum-cost output?4. ***** *****âs dairy operates in a perfectly competitive marketplace. Joeâs machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages paid to the few workers he employs at the dairy and the grain he feeds to his dairy cows. His cost structure is shown on the accompanying tableGallons of Milk FC VC TC MC AVC ATC0 $500 – $500 – – -1000 500 $2,100 2,600 $2.10 $2.10 $2.602000 500 $2,200 2,700 $0.10 $1.10 $1.353000 500 $2,900 3,400 $0.70 $0.97 $1.134000 500 $3,680 4,180 $0.78 $0.92 $1.055000 500 $5,180 5,680 $1.50 $1.04 $1.144. a. What is the break-even price?4. b. What is the shut-down price?4. c. If the market price of milk is $1.50 per gallon, will Joe make a profit? Explain.4. d. If the market price of milk is $1.50 per gallon, should Joe continue to produce in the short run? Explain.4. e. If the market price of milk is $1.00 per gallon, will Joe make a profit? Explain.4. f. If the market price of milk is $1.00 per gallon, should Joe continue to produce in the short run? Explain.4. g. If the market price of milk is $0.75 per gallon, will Joe make a profit? Explain.4. h. If the market price of milk is $0.75 per gallon, should Joe continue to produce in the short run? Explain.——————————————–
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