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Suppose that a firm sells its product in a perfectly competitive market. The firm's fixed costs (including a "normal" return on the funds the entrepreneur has invested in the firm) are equal to $100 and its variable cost schedule is as follows:
Output (Units) Variable Cost per Unit50 $5.00100 4.50150 4.00200 3.50250 3.00300 2.75350 3.00400 3.50
a.Find the marginal cost and average total cost schedules for the firm.b.If the prevailing market price is $4.50, how many units will be produced and sold?c.What are total profits and profit per unit at the output level determined in part (b)?d.Is the industry in long-run equilibrium at this price? Explain
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Now suppose that Charles Home improvement, when the disposal cost of old water heaters is included, has exactly the same average and marginal cost curves for installing replacement water heaters as does ABC water heater.
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