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 ofproduction.Output TVC TFC TC MC ATC AVC0505050355060 5020090250 125300 165 50350210 50400260 50450 315 501001500205050a. 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 andtotal cost.Output TVC TFC TC MC ATC AVC0050502050100355015060 5020090 50250125 50300 165 50350 210 50400260 50450 315 50888(Round your responses to two decimal places.)b. Draw a scale diagram and plot ATC, AVC, and MC.Use the multipoint drawing tool to plot the ATC, AVC, and MC curves. Properly label the curves. (Plot MC at the midpoint of the output intervals.)Carefully follow the instructions above, and only draw the required objects.c. Below which price should this firm choose to produce zero output?This firm should choose to produce zero output at prices below $(Round your response to two decimal places.)

Here is your required answer please give me helpful rating. Thank you!Explanation:Solution:- A.…

Answered: Larry's Linens produces white cloth…

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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A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.
What two lines on a cost curve diagram intersect at the shutdown point?
The graph shows the short-run cost curves of a toy producer. The market has 1,000 identical toy producers. The market price of a toy is $21. In the short run, the firm produces toys a week. 24- 21- 18- 15- 12- 9- 0 500 1000 1500 2000 MC ATC AVC 2500
What is the total cost for this firm? (omit $ sign. Report cents as needed.) MC ATC D Quantity Price $14.00+ $12.00 $10.00 $8.00 0 1 1 I 250 300 MR
Calculate the average total, fixed, and marginal costs for a “competitive” firm with the following production cost schedule. q Total Cost ATC AFC MC0 10 100 12 200 16 300 26 400 38 500 75 600 120
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.)
the table below shows the output cost and revenue situation of a firm. Study the table and asnwer the questions that fllows Q TVC TC MC P TR MR 0 0 150 0 200 0 - 1 110 C 110 175 175 175 2 170 320 G 150 I L 3 A D 46 135 405 105 4 250 E 34 120 J M 5 B 445 H 105 525 45 360 F 65 90 K N (a) what is the fixed cost of the firm? Explain your answer (b) determine the values from A-M by showing all workings employed (c) At what quantity and price is the firm in equilibrium position and in what market is the firm oeperating? explain your answer
Quantity of commodity A per day Total Variable costs in U. 700 200 60.000 7-25 201 61.000 202 62.500 203 64.000 204 66.000 205 68.500 206 72.000 FO Use Table 1 above to answer question number 25 below New Generation is a perfectly competitive company selling commodity Y at the market price of OMR.500) New Generation Company has fixed costs of OMR 30.000/day and a daily variable cost schedule in Table 1 above. The profit maximizing level of output for New Generation Company is: a. 202 units per day. b. 204 units per day. 206 units per day. d. 205 units per day. 12292-
Question 3 The following graph shows the price, marginal cost, and average cost curves for a firm. MC Price (RM) ATC 40 27 16 12 MR 250 500 570 Quantity (Units)
1) Given the following cost and revenue schedule, find the profit-maximizing quantity. Calculate total profits, average cost and average revenue.. Quantity 0 10 20 30 40 50 60 70 Total Cost 400 500 625 775 950 1150 1375 1625 Total Revenue 0 600 900 1150 1350 1500 1600 1650 2) Plot the total revenue curve, total cost curve. 3) Given the cost and revenue schedule above, find the profit-maximizing quantity. Calculate the marginal cost and marginal revenue." 4) Plot the marginal cost curve and marginal cost curve. Apply the profit maximizing rule in the short-run. (
a lobaster catch is sold by a fisher at $15 per kilogram the lobster fisher has the following total costs at each possible quantity $1500 at 0 kiklograms ,$3200 at 800 kilograms and $12200 at 1000 kilograms a) creat a table with following 10 coloumns :1 ) price 2) quantity 3) total revenue 4) fixed cost 5) variable cost 6) total cost 7) average fixed cost 8) average variable cost 9) average cost and 10) marginal cost .fill in this table based on the information provided in the question b) Draw the fishers marginal revenue ,marginal cost and average cost curves on graph ,plot only the two endpoints at 0 and 1000 kilograms for the marginal revenue curve and plot five points for each of the marginal cost and average cost curves for a total of 12 points (exclude the origin point for both costcurves) remember to plot marginal values such as marginal cost halfway between the two relevant quantities on the horizantal axis c) what is the fishers profit -maximizing or loss -mininmizing quantity…
Price and cost (dollars per student) $150 120 88 76 72 ATC 40 - MC MR 24,000 30,000 36,000 Quantity of students enroiled 15,000 Your college decides to offer a psychology course as a MOOC that can be taken by students anywhere in the world, whether they are actually enrolled in your college or not. The demand and cost situation for the MOOC is shown in the figure. The faculty member who designed the course argues: "I think the course should be priced so that the maximum number of students enroll." Which price should this faculty member favor? O A. $0 В. $40 C. $88 D. $150

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