Assume that a firm in a perfectly competitive industry has the following total cost schedule:
Question: #6) 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?
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Deliverables: Word Document
Deliverables: Word Document
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