Pick a good or service. Distinguish between the short-run and the
long-run production and cost function for that good or service. Discuss
how price plays a role in short-run and the long-run decisions and how
managers are likely to respond in each case.
Using the same good
or service from above. Identify the fixed and variables costs are for
the good or service. Based upon the costs identified, recommend whether
to produce or not produce the good or service. Provide a rationale with
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