Suppose that a firm is a perfectly competitive industry has, Ask an Expert

Economics

Assume that a firm is a perfectly competitive industry has the following total cost schedule:

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

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

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

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

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9166746

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