Question 6 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 price?