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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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