Answer to Question #36119 in Economics of Enterprise for xhahym

Question #36119
Assume that a firm in a perfectly competitive industry has the following total cost schedule: Outputs: Total costs ($) 10 $110 15 150 20 180 25 225 30 300 35 385 40 480 a. Calculate a marginal cost and an average cost schedule for the firm. b. If the prevailing market price is $17 per unit, how many units will be produced and sold? What are the profits per unit? What are total profits? c. Is the industry in long-run equilibrium at this price?
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Expert's answer
2013-10-16T08:33:23-0400
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