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Keep the operation in the long-run

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Reference no: EM132331974

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 the calculation.

Reference no: EM132331974

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