Determine the marginal cost of a string, Microeconomics

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Determine the marginal cost of a string

The licorice industry is competitive. Each firm produes 2 million strings of licorice per year. The strings have an average total cost of $0.20 each, and they sell for $0.30.

a. What is the marginal cost of a string?
b. Is this industry in long run equilibrium? Why or why not?

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Microeconomics: Determine the marginal cost of a string

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Microeconomics: Determine the marginal cost of a string

Reference No:- TGS040899

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Recent Questions Asked Microeconomics

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Ask an Expert for Answer!!

Microeconomics: Determine the marginal cost of a string

Reference No:- TGS040899

Recent Questions Asked Microeconomics

Q : Determining the value of the new store project

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