Question
I require help with part b and c only please. I have answered part a which required me to find the TR,MR MC and ATC.
I require help with part b and c only please. I have answered part a which required me to find the TR,MR MC and ATC. Thank You
The following table provides the number of haircuts per day (Q), the price (P), and the total cost (TC) data for a local barbershop.
a. Complete the following table. Round your answers in the ATC column to two decimal places.I have completed this part of the question.
b.What is the profit-maximizing price and output? Is this a long-run equilibrium? Why or why not?
c.In what type of market must the barbershop be operating? Why?
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