Answer to Question #64500 in Microeconomics for Osman Mohamed

Question #64500
Assume that a firm in a perfectly competitive industry has the following total costs schedule:
Output
( Units ) Total Cost
( $ )
10 110
15 150
20 180
25 225
30 300
35 385
40 480

a) Calculate and graph a marginal cost and an average cost schedule for the firm.
b) If the 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 company in long-run equilibrium at this price? Explain.
1
Expert's answer
2017-01-13T10:38:16-0500
The answer to the question is available in the PDF file https://www.assignmentexpert.com/https://www.assignmentexpert.com/homework-answers/economics-answer-64500.pdf

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