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3. Production, Entry, and Exit: Discuss the Production, Entry, and Exit simulation that you played in Module Five. Add the Aggregate Outcomes chart from your

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3. Production, Entry, and Exit: Discuss the Production, Entry, and Exit simulation that you played in Module Five. Add the Aggregate Outcomes chart from your simulation report into the project template as Figure 3.1. Then, answer the following questions in the paragraphs below the figure: o Analyze a business owner's decision making regarding whether to enter a market. For example, what factors determined the driver's market enoy and exit in the simulation? Use economic models to support your analysis. o How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day? Use economic models to explain. o How does the impact of fixed costs change production decisions in the short run and in the long run? Use the average-total-cost (ATE) model included in the module reading chapters to demonstrate this impact

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