Business, 03.12.2019 18:31 PanjiUR9220

Bob is a general contractor in the construction industry. suppose the construction industry is perfectly competitive. in the short run, assume the marginal cost of building new homes equals the market price of a new home when bob builds 10 new homes. at this level of output, bob's average fixed cost of building a new home is $250 comma 000250,000 and his average variable cost is $160 comma 000160,000 per home (so his average total cost is $410 comma 000410,000 per home). if new homes are selling for $210 comma 000210,000, should he continue to produce 10 new homes in the short run or shut down?

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