66 810
Assignments Done
99,1%
Successfully Done
In October 2018

Answer to Question #44259 in Microeconomics for Najla

Question #44259
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? Explain.
Expert's answer

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

Submit
Privacy policy Terms and Conditions