Answer to Question #66083 in Economics of Enterprise for Kari Stanislaus
In the short run (next few months), what measures should the restaurant take to maximize its profit? Explain.
In the long run (next six months and beyond), how can it maximize its profit? (Assume that the impressive state of demand is permanent.
In the long run (next six months and beyond), it will maximize its profit at the point, where MR = MC = P = LATC and it will receive zero profit.
Need a fast expert's response?Submit order
and get a quick answer at the best price
for any assignment or question with DETAILED EXPLANATIONS!