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.
1
Expert's answer
2014-07-23T11:38:39-0400
The answer to the question is available in the PDF file https://www.assignmentexpert.com/https://www.assignmentexpert.com/homework-answers/economics-answer-44259.pdf

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