Find marginal cost and an average cost schedule for firm, Microeconomics

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Find marginal cost and an average cost schedule for firm

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

A. Calculate a marginal cost and an average cost schedule for the firm

B. If the prevailing market price is $17 per unit, how many units will be produced and sold? What are profits per unit? What are total profits?

C. Is the industry in long-run equilibrium at this point?

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Microeconomics: Find marginal cost and an average cost schedule for firm

Reference No:- TGS047939

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Microeconomics: Find marginal cost and an average cost schedule for firm

Reference No:- TGS047939

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Pretax financial income or loss and taxable income

Q : Find payback period and the average accounting return

Q : Estimation of structural modification

Q : Current ratio for a company with current assets

Q : Find marginal cost and an average cost schedule for firm

Q : Ricks acid test or quick ratio

Q : Determining the return on total assets

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Q : How many firms to expect there to be in industry

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Find marginal cost and an average cost schedule for firm

Reference No:- TGS047939

Recent Questions Asked Microeconomics

Q : Pretax financial income or loss and taxable income

Q : Find payback period and the average accounting return

Q : Estimation of structural modification

Q : Current ratio for a company with current assets

Q : Find marginal cost and an average cost schedule for firm

Q : Ricks acid test or quick ratio

Q : Determining the return on total assets

Q : Accounts receivable turnover rate problem

Q : How many firms to expect there to be in industry

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