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                                      480a. 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?

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