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Imagine you own your own business. Based on what you learned from the simulation, what factors would determine your entry and exit into a market?

  • Imagine you own your own business. Based on what you learned from the simulation, what factors would determine your entry and exit into a market?
  • Applying the concept of marginal costs, how would you, as a business owner, decide how much to produce?
  • How does the impact of fixed costs change production decisions in the short run and in the long run? Refer to the average total-cost (ATC) model included in the textbook to demonstrate.
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History Round 2 3 4 5 Drive Today? Yes Yes Yes No Yes Drivers 2 10 6 5 7 Revenue per Hour $32 $10 $16 $18 $14 Your Hours 15 5 8 N/A 7 Profit $191 -$39 $0 0 -$15 End of Game 8 10 00:00

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