Q1 if one defines incremental cost as the change in total

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Q1. If one defines incremental cost as the change in total cost resulting from a decision, and incremental revenue as the change in total revenue resulting from a decision, any business decision is profitable.

Q2. Bob runs a pedicure business in a perfectly competitive industry. He knows that he will break even if the price of pedicures is $15 but that he will have to shut down if the price is $11. If the market demand in the industry is P = 30 (0.2)Q and the market supply is P = (0.2)Q, then in the short run of Bob.

Reference no: EM13351621

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