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Average cost of production

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Reference no: EM132290516

Suppose that you own a home remodeling company. You are currently earning short-run profits. (Hint: If this is a perfectly competitive industry, what happens in the long run to the number of firms?) Assume that the home remodeling industry is an increasing-cost industry. In the long-run, what do you expect to happen to:

  • your firm's average cost of production? Why? Increasing cost Industry=  Average cost of production will rise in the long run.
  • the price you can charge for your remodeling service?Why? The price also rises, as average cost of prod increases.
  • profits in the home remodeling industry? Why? profit falls,

Reference no: EM132290516

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