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Q1) Suppose that a firm is perfectly competitive industry has following total cost schedule:

Outputs (units)
Total Cost ($)
10
$110
15
$150
20
$180
25
$225
30
$300
35
$385
40
$480

a. Compute marginal cost and average cost schedule for this firm.

b. If prevailing market price is $17 per unit, how many units will be manufactured and sold? Determine the profits per unit? What are total profits?

c. Is industry in long-run equilibrium at this price?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M922986

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