Q. Sunrise Juice Company sells its output in a perfectly competitive marketplace. The industry's total cost
function is given in the subsequent schedule:

Output Total Cost
(Units) (RM)
0 50
10 120
20 170
30 210
40 260
50 330
60 430
Total costs include a "normal" return on the time (labor services) also capital that the owner
has invested in the industry. The prevailing marketplace price is RM7 every unit.

a. Prepare (i) marginal cost also (ii) average total cost schedules for the industry.

b. Illustrate what is the industry's profit maximizing output level?

c. Is the organization in long-run equilibrium? Justify your answer.