Calculate marginal cost and average cost schedule for firm, Microeconomics

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Calculate marginal cost and average cost schedule for firm

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

OUTPUT (UNITS) TOTAL COST ($)
10 $110
15 $150
20 $180
25 $225
30 $300
35 $385
40 $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 point?

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Microeconomics: Calculate marginal cost and average cost schedule for firm

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Microeconomics: Calculate marginal cost and average cost schedule for firm

Reference No:- TGS046495

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

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Microeconomics: Calculate marginal cost and average cost schedule for firm

Reference No:- TGS046495

Recent Questions Asked Microeconomics

Q : Prepare form 1040 and all related schedules, forms

Q : Net working capital resulting from addition of microbrewery

Q : Why is mtv so profitable relative to major networks

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