Cost of production in increasing cost industry

Reference no: EM1317083

Suppose you own a home remodelling company. You are currently earning short-run profits. The home remodelling industry is an increasing-cost industry. In the long run, what do you expect will happen to

3a. Your firm's cost of production? Explain.
b. The price you charge for your remodelling services? Why?
c. Profits in home remodelling? Why?

Reference no: EM1317083

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Cost of production in increasing cost industry : Suppose you own a home remodelling company. You are currently earning short-run profits. The home remodelling industry is an increasing-cost industry. In the long run, what do you expect will happen to

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