Question
1. The dean of a college faces the following costs: graders, faculty, classroom space, and chalk. Of these costs, which are likely to be variable
1. The dean of a college faces the following costs: graders, faculty, classroom space, and chalk. Of these costs, which are likely to be variable in the long run?
2. Suppose that you and your roommate have started a Bread delivery service on campus.
a. List some of your fixed costs and describe why they are fixed.
b. List some of your variable costs and describe why they are variable.
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ANSWER 1 The longrun is a period of time in which all factors of production and costs are variable I...Get Instant Access to Expert-Tailored Solutions
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Microeconomics
Authors: Dean Karlan, Jonathan Morduch
1st edition
978-0077332587, 007733258X, 978-0077332648, 77332644, 978-1259163531
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