Questions: Your cousin Vinnie owns a painting company with fixed costs of 150 and the following schedule for variable costs: Quantity (Houses Painted per Month) Variable Cost (Dollars) Average Fixed Cost (Dollars) Average Variable Cost (Dollars) Average Total Cost (Dollars) --------------- 1 15 ∇ ∇ v 2 35 ∇ ∇ 3 60 ∇ ∇ v 4 90 ∇ v ∇ 5 135 V ✓ ∇ 6 240 ∇ V ∇ 7 480 ✓
Transcript text: Your cousin Vinnie owns a painting company with fixed costs of $\$ 150$ and the following schedule for variable costs:
\begin{tabular}{|c|c|c|c|c|}
\hline \begin{tabular}{l}
Quantity \\
(Houses Painted per Month)
\end{tabular} & \begin{tabular}{l}
Variable Cost \\
(Dollars)
\end{tabular} & \begin{tabular}{l}
Average Fixed Cost \\
(Dollars)
\end{tabular} & \begin{tabular}{l}
Average Variable Cost \\
(Dollars)
\end{tabular} & Average Total Cost (Dollars) \\
\hline 1 & 15 & $\nabla$ & $\nabla$ & $v$ \\
\hline 2 & 35 & $\nabla$ & & $\nabla$ \\
\hline 3 & 60 & $\nabla$ & $\nabla$ & v \\
\hline 4 & 90 & $\nabla$ & $v$ & $\nabla$ \\
\hline 5 & 135 & V & $\checkmark$ & $\nabla$ \\
\hline 6 & 240 & $\nabla$ & V & $\nabla$ \\
\hline 7 & 480 & \ & $\checkmark$ & \\
\hline
\end{tabular}
Solution
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