O O 971 5:39Total CostOutput(Units)($)50101202017030210402605033060430Total costs include a "normal" return on the time (labor services) and capital that the ownerhas invested in the firm. The prevailing market price is $7 per unit.(a) Prepare (i) marginal cost and (ii) average total cost schedules for the firm.(b) What is the firm's profit maximizing output level?Is the industry in long-run equilibrium? Justify your answer.

MC = Change in TC / Change in Q ATC = TC / Q Q TC Change in TC Change in Q MC ATC 0 50…

Total Cost Output (Units) ($) 50 10 120 20 170 30 210 40 260 50 330 60 430 Total costs include a "normal" return on the time (labor services) and capital that the own has invested in the firm. The prevailing market price is $7 per unit. 키) Prepare (i) marginal cost and (ii) average total cost schedules for the firm.

Total Cost Output (Units) ($) 50 10 120 20 170 30 210 40 260 50 330 60 430 Total costs include a "normal" return on the time (labor services) and capital that the own has invested in the firm. The prevailing market price is $7 per unit. 키) Prepare (i) marginal cost and (ii) average total cost schedules for the firm.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 8SQP

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