Larry's Linens produces white cloth napkins for restaurants in a perfectly competitivemarket. The given table shows output and total costs for one day of production.Output TVCTFCTCMCATCAVC505020501003550150605020090502501255030016550350210504002605045031550a. Complete the cost schedule for this firm by calculating TC, MC, ATC, and AVC.Remember to record the MC figures between the rows of output and total cost.Output TVC TFCTCMCATCAVC505020501003550150605020090502501255030016550350210504002605045031550(Round your responses to two decimal places.)

Formulae used: TC = TVC + TFC ATC = TCOutput AVC = TVCOutput MC = Change in TCChange in Output

Larry's Linens produces white cloth napkins for restaurants in a perfectly competitive market. The given table shows output and total costs for one day of production. Output TVC TFC TC MC ATC AVC 50 50 20 50 100 35 50 150 60 50 200 90 50 ||||

Larry's Linens produces white cloth napkins for restaurants in a perfectly competitive market. The given table shows output and total costs for one day of production. Output TVC TFC TC MC ATC AVC 50 50 20 50 100 35 50 150 60 50 200 90 50 ||||

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Firms In Competitive Markets

Section: Chapter Questions

Problem 4PA

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

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Larry's Linens produces white cloth napkins for restaurants in a perfectly competitive
market. The given table shows output and total costs for one day of production.
Output TVC
TFC
TC
MC
ATC
AVC
50
50
20
50
100
35
50
150
60
50
200
90
50
250
125
50
300
165
50
350
210
50
400
260
50
450
315
50
a. Complete the cost schedule for this firm by calculating TC, MC, ATC, and AVC.
Remember to record the MC figures between the rows of output and total cost.
Output TVC TFC
TC
MC
ATC
AVC
50
50
20
50
100
35
50
150
60
50
200
90
50
250
125
50
300
165
50
350
210
50
400
260
50
450
315
50
(Round your responses to two decimal places.)

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