Question 6
Assume that a firm in a perfectly competitive industry has the following total cost schedule:

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?