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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. find out 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 point?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M946495

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