Is industry in long-run equilibrium at this, Ask an Expert

Economics

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?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M922986

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