Compute the marginal cost and average cost schedule for the

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Reference no: EM13454488

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

Calculate a marginal cost and an average cost schedule for the firm.
If the prevailing market price is $17 per unit, how many times will be produced and sold? What are profits per unit? What are total profits?
Is the industry in long-run equilibrium at this price?

Reference no: EM13454488

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