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Calculate the marginal cost and average cost schedule

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Reference no: EM132342565

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

Q                 TC

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?

Reference no: EM132342565

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