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A company in a purely competitive industry is currently producing 1000 units a day at a total cost of $450. If the firm produced 800 units per day, its total cost would be $300, and if it produced 500 units per day,its total cost would be $275. What are the firms average total cost per unit a these levels of productions? If every firm in this industry has the same cost structure, it the industry in long-run competitive equilibrium?

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9294650

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