Answer to Question #36119 in Economics of Enterprise for xhahym
Assume that a firm in a perfectly competitive industry has the following total cost schedule:
Outputs: Total costs ($)
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?
Unfortunately, your question requires a lot of work and cannot be done for free. Please submit it with all requirements as an assignment to our control panel and we'll assist you.