Answer to Question #46924 in Economics of Enterprise for Tebr

Question #46924
Assume that a firm in a perfectly competitive industry has the following total cost schedule: Output Units Total Cost ($) 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 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
2014-09-23T11:57:41-0400

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