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In: Economics

Think of a business you may be interested in starting and take the time to address...

Think of a business you may be interested in starting and take the time to address the following questions in detail (please include the question numbers below when you answer each question):
1. What kind of resources would you need to acquire to operate this business?
2. Which costs are implicit costs?
3. Which resources are fixed and which are variable?
4. Explain the difference between fixed and variable costs for this business.
5. Explain how this business could experience diminishing marginal returns in the short run.
6. Would this business experience economies of scale?

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Expert Solution

Rahul Sunny answered 2 years ago
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