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QUESTION
Assume that a firm in perfectly competitive industry has the following total cost schedule: Q TC
TC
Show more 10 110
15 150
20 180
25 225
30 300
35 385
40 480
a) Calculate the marginal cost and 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 at the profits per unit? What are the total profits? c) Is the industry in long-run equilibrium at this price?
