competitive industry;Question 6;Assume that a firm in a perfectly competitive industry has the following total cost;schedule;OUTPUT (Units);10;15;20;25;30;35;40;TOTAL COST ($);$110;$150;$180;$225;$300;$385;$480;A. Calculate 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 price?
Paper#31383 | Written in 18-Jul-2015Price : $17