Is the industry in long run equilibrium at the price

Reference no: EM13214167

Below is a table with total data for a firm in a perfectly competitive industry. Quantity Total Cost 0 100 10 220 15 300 20 360 25 450 30 600 35 770 40 960 a. What is the marginal cost and average total cost for the firm at each level of output? b. If the prevailing market price is $34 per unit, how many units will be produced and sold? What are the profits per unit? What are total profits? c. Is the industry in long run equilibrium at this price? If not, what do you expect to happen to price over time?

Reference no: EM13214167

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