Connect 1-Semester Access Card for Microeconomics
Connect 1-Semester Access Card for Microeconomics
20th Edition
ISBN: 9780077660840
Author: Author
Publisher: McGraw-Hill Education
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Chapter 9.8, Problem 4QQ
To determine

Relevance of long run of average total cost curve.

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Short Run Production Relationships         List and explain the 3 Short Run Production Relationships      Explain who in a business would care about them and how they might be used.
costs in the short-run versus in the long run
a. Give 2 examples of explicit cost b. Give 2 examples of implicit cost/opportunity cost/cost of ownership/cost of equity capital c. Imagine yourself as an entrepreneur. Pick any business you like. Run some numbers to calculate your accounting profit and economic profit. Show your numbers. Note: Make up those numbers yourself. d. After you have run the numbers, do you still want to start the business? Why or why not?
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