What is Jacob’s average fixed cost (per day)? What is his variable cost (per day)? And finally, what is his average total cost (per day)? In side-by-side graphs please illustrate what the market for hotdogs looks like as a whole and for your individual stand. Be sure to label everything. c. How much profit are you earning? Calculate it and show it on the graph.
Assume hotdog stands in New York are in a
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What is Jacob’s average fixed cost (per day)? What is his variable cost (per day)? And finally, what is his
average total cost (per day)? -
In side-by-side graphs please illustrate what the market for hotdogs looks like as a whole and for your individual stand. Be sure to label everything.
c. How much profit are you earning? Calculate it and show it on the graph.
d. Now imagine, others are realizing Jacob’s success and start filling up the empty street corners with their hotdogs. In a new side-by-side graph please show me how this affects the market generally and Jacob’s cart. What happens to his profit after all?
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