Answer to Question #45687 in Microeconomics for mohammed abdu
OUTPUT (UNITS) TOTAL COST ($)
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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