Math Solutions

(Solution Library) Assume that a firm in a perfectly competitive industry has the following total cost schedule: Output (Units) Total Cost ($) 10 $110 15 150

Question: 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
  1. Calculate a marginal cost and an average cost schedule for the firm.
  2. 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?
  3. Is the industry in long-run equilibrium at this price?

Price: $2.99
Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


∴ Other downloads you may be interested in ∴

log in to your account

Forgot password?
Don't have a membership account?
REGISTER

reset password

Back to
log in

sign up

Back to
log in