Answer to Question #45687 in Microeconomics for mohammed abdu

Question #45687
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.
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Expert's answer
2014-09-08T12:40:22-0400

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