What is the marginal cost and average total cost, Accounting Basics

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?

 

Posted Date: 4/1/2013 5:51:32 AM | Location : United States







Related Discussions:- What is the marginal cost and average total cost, Assignment Help, Ask Question on What is the marginal cost and average total cost, Get Answer, Expert's Help, What is the marginal cost and average total cost Discussions

Write discussion on What is the marginal cost and average total cost
Your posts are moderated
Related Questions
Case Study : Briana Hope has had a long-standing love affair with technology and an appetite for apps. She believes that business owners that are not taking advantage of apps to

O B JECTIVES OF FINANCIAL STATEMENTS The fundamental purpose of financial statements according to AICPA is 'to offer qualitative financial information concerning to the busi

I AM HAVING DIFFICULTIES SOLVING ONE PARTICULAR ACCOUNTING PROBLEM

Q. What is transposition or slide error explain? When the trial balance doesn't balance try re-totalling the two columns. If this step doesn't locate the error divide the diffe

Worthington Company issued 1,000,000 face value, 10% bonds on July 1 2012, when the market rate of interest was 12%. Interest payments are due every July 1 and January 1. Worthin

Assume we had given tour advance to party how to treat entry and which head have to given expenditure? Ans) Cash/Bank a/c DR To Party(name)a/c (Advance Paid For Tour)

Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of emp

The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31,

Hawkeye Electric Company engaged in the following transactions during July. Journalize the preceding transactions on the books of Hawkeye Electric Company using the perpetual sys

Prepare the Journal Entries Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the tr