Is this firm in a short-run or long-run equilibrium

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Reference no: EM13159653

Demand and cost schedules for a monopolistic competitive firm Below

Price (dollars per unit)	Quantity demanded (units)
26	0
24	1
22	2
20	3
18	4
16	5
14	6
12	7
10	8

Quantity produced (units)	Average total cost (dollars)	Marginal cost (dollars)
0
1	18.00	8.00
2	12.00	6.00
3	10.66	8.00
4	10.50	10.00
5	11.20	14.00
6	12.66	20.00
7	15.14	30.00
8	23.25	80.00

1. What is the profit-maximizing level of output and price?

2. What amount of profit is the firm earning?

3. Is this firm in a short-run or long-run equilibrium? Explain

Reference no: EM13159653

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