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Is this correct and may someone help me with the METHOD to work out the others?

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    "Below is the cost function for a business producing overhead projectors:
    Quantity of OHPs
    0, 1, 2, 3, 4, 5

    Total Cost (£)
    60, 260, 480, 720, 980, 1260

    Marginal Cost (£)
    -, 200, 220, 240, 260, 280


    a. Fill in the missing marginal cost values. "


    Which I have answered but not 100% sure it's correct.. However, the following questions are:

    b. Assume the business is operating under conditions of perfect competition. If the market price is £280 per OHP, how many OHPs would the firm produce? What is the total profit of the business? [2 marks]

    I THINK it's 5 but I'm not too sure?


    c.In the long term will the price remain at £280? Explain your reasoning, and if the price changes explain the process that causes that price to change. Graphically illustrate the process [3 marks]

    d. If there are no changes to costs or industry demand what will be the price and firm output in the long run equilibrium. [2 marks]

    e.What is the profit in perfect competition in the long run and why is this not the case with monopoly? [2 marks]


    Thank you in advance!!
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    It's been a while since you posted and nobody's replied yet...maybe you should check out MarkedbyTeachers.com, TSR's sister site. It has the largest library of essays in the UK.

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