ECO/365 — WEEK 3 QUIZ
(Please use some other color than black for your font.)
#1 Short Run Cost Structure of Joeâs
cost structure on this page; then explain when a firm would produce (and at
what level, with what consequence) and when it would shut down. Assume a perfectly competitive market, the
point of this exercise is to decide how much should Joe produce of barbering
services when the market price is as the following questions propose. (Use textbook jargon and explain the typical
actions of the firm.)
Continued on next pageâ¦
What quantity would
be produced? When would Joe shut down
B) $2? Why?
C) $3? Why?
D) $4? Why?
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