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.
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2017-01-13T10:38:16-0500

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