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The table above gives the short-run total cost function for a typical firm in a perfectly competitive industry.
a. What is the dollar value of the firm's total fixed cost?
b. Calculate the marginal cost of producing the first unit of output.
c. If the price the firm receives for its product is $20, indicate the firm's profit-maximizing quantity of output and explain how you determined your answer.
d. Given your results in part (c), explain what will happen to the number of firms in the industry in the long run.
e. Assume that this firm operates in a constant-cost industry and has reached long-run equilibrium. If the government imposes a per-unit tax of $2, indicate what will happen to the firm's profit-maximizing output in the long run.
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