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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.
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