Assume that a firm in a perfectly competitive industry has the following total cost schedule: Calculate a marginal cost and an average cost schedule for the firm to complete the following table. Output Total Cost Marginal Cost Average Cost (units) ($) ($) ($) 10 110 15 150 20 180 25 225 30 300 35 385 40 480 If the prevailing market price is $17 per unit, units will be produced. Profits per unit will be V and total profits will be V Is the industry in long-run equilibrium at this price? O No Yes