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Assume that a firm in a perfectly competitive industry has the following total cost schedule. How do you calculate the marginal cost and an average

Assume that a firm in a perfectly competitive industry has the following total cost schedule. How do you calculate the marginal cost and an average cost schedule for the firm? Please fill in the blanks below.

Output Total Cost Marginal Cost Average Cost

(Units) $ MC =DTC/DQ ATC = TC/Q

0 0 --- ---

10 110

15 150

20 180

25 225

30 300

35 385

40 480

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