Sunrise Juice Company sells its output in a perfectly competitive market. The firm's total cost function is given in the following schedule:

Sunrise Juice Company sells its output in a perfectly competitive market. The firm's total cost function is given in the following schedule: Output Total Cost (Units) 0 50 10 120 20 170 30 210 40 260 50 330 60 430 Total costs include a "normal" return on the time (labor services) and capital that the owner has invested in the firm. The prevailing market price is $7 per unit. (a) Prepare (i) marginal cost and (ii) average total cost schedules for the firm. (b) What is the firm's profit maximizing output level?| (c) Is the industry in long-run equilibrium? Justify your answer. (a) (i) (ii) Output Total Cost Marginal Cost Average Total (Units) ($) (S/unit) Cost ($/unit) 0 50 10 120 20 170 30 210 40 260 50 330 60 430