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Daily revenue to keep the operation in the long-run

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Question

If you were a taxi driver, the daily revenue and costs are as the

following:

Revenue: $240

Variable costs (gas, your labor...): $180

Mortgage payment for car: $50

License Fee: $40

For profit-maximization, will you operate your taxi business today? What is the minimum daily revenue to keep operation in the short-run? What is the minimum daily revenue to keep the operation in the long-run? Please show step by step calculation, formulas, and explanations I can learn this topic

Reference no: EM132336483

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